Solana: Can Reclaiming the $155 Mark Invalidate the Downtrend?

• Solana’s price faces selling pressure but could rebound if it surpasses $155.
• A break below $135 might drive SOL towards $100, with sellers actively adding short positions.
• Current trading at $144.25 shows slight neutrality, with an oversold RSI and declining trading volume indicating short-term weakness.

Solana’s (SOL) price is experiencing significant pressure, but there is potential for a rebound. If Solana can regain momentum and surpass the $155 mark, it could reinvigorate buyers and invalidate the current downtrend.

Recently, Solana’s price fell below the critical $150 support zone, highlighting intense selling pressure. Despite a notable rebound from the $120 mark last month, sellers remain active, attempting to push SOL below the trendline support to extend the downturn. A decisive break and close below $135 could accelerate this selloff, potentially driving SOL toward the $100 mark in the coming weeks. Since the beginning of the month, sellers have been adding to their short positions, contributing to the price decline.

At the time of writing, Solana is trading at $144.25, reflecting a slight intraday increase of 0.06%. This neutrality is evident on the charts, with a monthly return ratio of -9.20% and a yearly return of 8.43%, indicating short-term weakness. In the SOL/BTC pair, the price stands at 0.00218 BTC, and Solana’s market cap is approximately $66.64 billion. Analysts remain neutral, suggesting that SOL may experience volatile price swings in the near future.

The RSI has dipped into the oversold region, while the MACD indicator has shown a bearish crossover with red bars appearing on the histogram. Additionally, trading volume has decreased by 54.34% to $969.27 million, indicating a decline in investor interest. One key support level at $141 is showing a buy signal on the daily chart, suggesting that if this support holds, SOL could see a rebound over the next one to four days.

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