Solana (SOL) is currently experiencing renewed downside pressure, struggling to overcome the $158-$159 resistance zone. Recent trading activity saw sellers dominating around 13:00, pushing trading volume past 1.1 million and breaking the $153.10-$153.30 support level. The price briefly dipped to $151.89 before a slight recovery to $153.81, with $152.50 now identified as potential short-term support.
Despite the minor rebound, SOL remains under pressure, trading just above $153. Analysts suggest that further downside movement is possible if bulls fail to reclaim the $153.30 level. The $150 mark is now a critical support level to monitor, with potential targets around $142 if the $150 support fails.
Technical analysis indicates persistent lower highs on the 4-hour and daily charts, with the price consistently facing rejection from the $160-$165 supply zone. Investors should watch for a potential break below $150, which could trigger further declines, or a recovery above $156 and $160 for any meaningful upward movement.
This article is based on our author's analysis of materials taken from the following resources: Coin Edition and Binance Square.