Solana (SOL), once a trending altcoin in 2023, has reversed its upward momentum, with a key support level at $78 and a resistance level at $104. The price of SOL dropped below $100, shifting control to sellers and signaling the end of a rally that began in October 2023.
The first significant support level for buyers, now on the defensive, is at $78, which previously acted as a major resistance during the last uptrend and could now serve as support.
The MACD histogram and moving averages for Solana are declining rapidly, indicating a bearish signal with sellers currently in control. Technical analysis suggests that SOL’s price may continue to fall for some time.
Attention is focused on the critical support level at $78. If buyers fail to push the price above this level, a prolonged downtrend is expected.
At the time of writing, SOL has experienced a 3.76% drop over the last 24 hours, trading at $90.33. Data shows that SOL’s price has decreased by 11.95% over the past week, despite a 26.73% increase over the last 30 days. The price chart indicates a downward trend since its peak at $121.08 on December 26, 2023. Failing to break the $104 resistance could lead to a 14% drop towards the $78 level.