Solana

Coin

<ul class="wp-block-list news-points">
 <li>Solana price drops 16.78% from $264.36 amid descending channel.</li>
 <li>SOL trades below 20, 50, 100, and 200 EMA, reinforcing bearish sentiment.</li>
 <li>Total SOL liquidations hit $15.37M, with $14.47M in long positions.</li>
</ul>
Solana (SOL) continues to face intense bearish pressure, shedding 16.78% from its local high of $264.36, with its prices currently hovering near the critical support level of $225. The cryptocurrency has been locked in a descending channel, marked by a persistent downtrend, as highlighted by the chart’s trendline below.
This trendline has stopped price action from going up and kept SOL under selling pressure. The current struggle suggests a battle between buyers and sellers, with $225 emerging as the immediate demand zone.
<div class="wp-block-image">
 <figure class="aligncenter is-resized"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfs9qxfYsXaRQ1AAS6-etqYtml8KCRStnvXg75tHcp1tJOqCMt6rtBJkIXgleVwm8Tqx_C1ubj6bYDq4k2dAmM2cqt5ccGXA410HfGeuEAYf5uJcbqZHwcyrOl3IKNYrmIWFlyNeQ?key=Zp9mWoTzAZYoVHHOhyu2SYck" alt="" style="width: 100%;height:auto">
 <figcaption class="wp-element-caption">Source: <a href="https://www.tradingview.com/x/2WfobEQo/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>
 </figcaption>
 </figure>
</div>
Historically, this level has served as strong support, but if breached, SOL could spiral further down to $215.77, the 23.6% Fibonacci retracement level.
<h2 class="wp-block-heading" id="h-sol-key-technical-levels-and-indicators">SOL Key Technical Levels and Indicators</h2>
The Fibonacci retracement tool reveals critical levels dictating the coin’s price action. For instance, the 38.2% retracement level at $225.05 aligns closely with the current support zone, making it a decisive area…
The post <a href="https://coinedition.com/sol-under-bearish-scrutiny-fibonacci-levels-hold-the-key/" rel="noopener noreferrer nofollow">SOL Under Bearish Scrutiny: Fibonacci Levels Hold the Key</a> appeared first on <a href="https://coinedition.com" rel="noopener noreferrer nofollow">Coin Edition</a>.

SOL Under Bearish Scrutiny: Fibonacci Levels Hold the Key

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