- Solana is faced with resistance near $164.50, pointing to a possibility that it may continue its corrections.
- Analysts using Elliott Wave and Fibonacci analysis see the downside trend continuing, and the asset could fall to $143.50 support.
- According to RSI and MACD, the price bottom might not have been reached.
At $164.50, there is a heavy resistance level for Solana ($SOL), and it has not managed to surpass it. Analysis shared by More Crypto Online indicates that, currently, the market is correcting and not starting a new bullish period.
The analysis also revealed that there is not enough evidence yet to show a bottom, meaning the downtrend could continue. A further fall in the price could push it towards the $143.50 support area, which represents important targets following the wave formation.
Elliott Waves Imply There Is Still a Phase of Correction Underway.
According to the chart posted by More Crypto Online, SOL is completing a complex correction by retracing prices, and this might lead to the start of an extended bearish C-wave, followed by a steady uptrend.
Source: X @ Morecryptoonl
The expert revealed that the pricing zone between $164.50 and $168 has stood strong as a resistance area, already stopping price advancements.
TradingView Suggests Possible Weakness in Solana’s Prices in the Near Future.
Data from TradingView suggests that Solana could see further weakness in the immediate future. The daily chart shows that SOL is trading around $150, which is below its highest levels for the year.
Source: TradingView
According to the RSI, the market is slightly below the neutral point, thus showing downward momentum. The price will drop further if RSI is declining and there is only little or no buying activity to offset its downward movement.
MACD (Moving Average Convergence Divergence) is another widely used momentum indicator, and it points to a bearish trend. The MACD line is below the signal line, and they are going down, indicating selling is likely to continue.
Although volume is moderate, it does not show a strong spike linked to big buying or selling, which suggests that SOL has not fully reached a strong bottom yet.
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