Solana Hit Di Important $178 Support Amid Selling Pressure
Solana (SOL) don drop from the $195 resistance and now e dey test critical support near $178, wey align with the 21-day simple moving average (SMA). If e break below dis level, e fit make the price continue to fall go $168 and $165, just like the August 2 low of $156. Technical indicators for the daily chart dey show price bars dey hover around the 21-day SMA, while the four-hour chart dey confirm say bearish momentum still strong as prices still dey below key moving averages. Key supply zones dey at $220, $240 and $260, and demand floors dey at $140, $120 and $100. Traders suppose dey watch make the price clear the 21-day SMA sharply to confirm say the sell-off go continue or make dem dey observe how price dey hold between $178 and $200 if support still dey.
Bearish
Wetin hapun wen Solana price drop pass di 21-day SMA support for $178 show say di bearish momentum dey strong pass before. For history, if dem no fit hold dis moving average, e go cause di price to drop further, like di low wey happen on August 2 wen e hit $156. For short term, traders fit see say di selling pressure go increase sharply and target next support areas for $168 and $165. If di selling no stop, market people go fit lose confidence, wey fit make di market dey more volatile. For longer time, if di breakdown continue steady, e fit make people fear take risk with altcoins, make dem shift their money to safer asset dem. But if price bounce back from dis support, e mean say buyers still dey interested and price fit hold between $178 and $200.