Solana's recent 8% price decline raises concerns for its recovery prospects above $200 by the end of 2024. With current trading at $161.45, there's significant selling pressure as indicated by Solana nearing the lower Bollinger Bands.
Technical analysis using Bollinger Bands suggests heightened market volatility. The price's proximity to the lower band implies a downtrend, signaling traders to exercise caution. The Relative Strength Index (RSI), currently at 48.70, bolsters this bearish sentiment, hinting at continued selling pressure.
Solana's critical support level lies near the $151.04 band. A breach could lead to further declines towards $133.64. Conversely, a rebound could challenge bearish momentum, with the potential to aim for resistance at the $182.82 upper band.
