Solana (SOL) Under Pressure: Can Key Support Levels Withstand the Sell-Off?

Solana’s SOL token faces another wave of selling pressure—traders are watching critical support levels like hawks. Will the ’Ethereum killer’ hold its ground, or buckle under the weight of market jitters?

Subheader: The Make-or-Break Zone

SOL’s recent dip has crypto desks buzzing. If support cracks, brace for a slide that could turn into a full-blown liquidation party. But if it holds? A textbook bounce play for degens and institutional bag-holders alike.

Subheader: The Bigger Picture

Solana’s tech still outpaces most Layer 1s—when the network isn’t congested or down entirely. Funny how a ’high-performance blockchain’ still can’t escape the age-old crypto problem: sell first, ask questions later.

Closing thought: Whether this is a buying opportunity or the start of another crypto winter depends on your risk appetite—and whether you believe in ’fundamentals’ in a market that trades on memes and Fed whispers.

Solana Price Dips Further

Solana price failed to continue higher above the $180 level and started a fresh decline, unlike Bitcoin and Ethereum. SOL gained pace and traded below the $170 support level.

The price even traded below the $162 level. A low was formed NEAR $160 and the price recently started a recovery wave. There was a move above the $165 level. It surpassed the 23.6% Fib retracement level of the recent decline from the $180 swing high to the $160 low.

Solana is now trading below $170 and the 100-hourly simple moving average. There is also a connecting bearish trend line forming with resistance at $170 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $169 level and the trend line. It is close to the 50% Fib retracement level of the recent decline from the $180 swing high to the $160 low. The next major resistance is near the $172 level.

The main resistance could be $180. A successful close above the $180 resistance zone could set the pace for another steady increase. The next key resistance is $185. Any more gains might send the price toward the $200 level.

Another Decline in SOL?

If SOL fails to rise above the $170 resistance, it could start another decline. Initial support on the downside is near the $162 zone. The first major support is near the $160 level.

A break below the $160 level might send the price toward the $155 zone. If there is a close below the $155 support, the price could decline toward the $142 support in the near term.

Technical Indicators

Hourly MACD – The MACD for SOL/USD is gaining pace in the bearish zone.

Hourly Hours RSI (Relative Strength Index) – The RSI for SOL/USD is below the 50 level.

Major Support Levels – $162 and $160.

Major Resistance Levels – $170 and $172.