Solana may fall in price to $ 169 — analysts

Solana SOL $176.35 Binance-Peg SOL -0.18% Market capitalization $0.19 billion VOL. 24 hours $0.84 billion is showing steady growth and is approaching the key resistance level of $ 184.49, which has repeatedly acted as a ceiling for further movement. If the price manages to consolidate above this level amid high trading volume, it is likely to move to a new stage of growth. Otherwise, a short-term decline to the previous consolidation zones is possible.

The current dynamics indicate that the bulls are in control: Solana is trading steadily above both the 9-day and 20-day exponential moving average (EMA), which are both upwardly sloping. In the event of a correction, these levels can act as support — the nearest of them is at $ 180.52, followed by $ 171.85 and $ 169.82.

Technical analysis indicators support the overall positive sentiment. The MACD continues to expand its positive histogram, signaling an increase in buyer pressure. The RSI is in the overbought zone, but shows no signs of reversal, which is usually interpreted as evidence of strong buying activity. Nevertheless, a short-term decline as part of a «healthy» market correction is not excluded.

It is important for traders to monitor the price’s behavior near the $ 184.49 level. In the event of a breakout, the potential target is $ 186.70, with possible continued growth. If a reversal pattern is formed and the support at $ 180.52 is broken, the scenario of a decline to $ 171-$ 169 will become more likely.

Currently, the technical picture remains positive, but further actions of market participants will depend on whether the price of Solana can overcome these barriers. The focus is on trading volumes and signals from momentum indicators, which will help confirm or deny the breakout potential.