Solana Rejects $170, Set to Test $150 and $131 Support Levels
Solana price has resumed its downtrend after failing to break above the $170 resistance. The token is now trading between the $150 support and $170 resistance range. Yesterday’s rally peaked at $170 before sellers stepped in, driving price lower. If Solana breaks below the $150 support, increased selling pressure could push it toward the next demand zone at $131. A deeper drop to $93.24 is possible at the 2.618 Fibonacci extension level if bearish momentum accelerates. Technical indicators reinforce this outlook: the 21-day SMA continues to slope down, capping any upside, while moving averages on the four-hour chart signal a sideways pattern. Traders should watch for a decisive close below $150 to confirm further declines. Key supply zones to monitor are $220, $240 and $260, while demand zones lie at $140, $120 and $100. Short-term sentiment remains bearish as Solana faces mounting downside risks.
Bearish
Solana’s rejection at the $170 resistance and sustained selling pressure signal a bearish outlook. Historical patterns show that failed breakouts often lead to retests of lower support levels. The 21-day SMA’s downward slope and sideways action on shorter time frames suggest weakened bullish momentum. A decisive breach of $150 could trigger stop-loss orders and accelerate selling, pushing price toward $131 and potentially deeper to $93.24. In the short term, traders are likely to favor sell positions on rallies. Over the longer term, if support zones hold, a consolidation phase may occur, but the current technical setup points to continued downside risk.