The price of Solana (SOL) has declined by 4.88% over the past 24 hours amidst a broader market correction.
The cryptocurrency encountered significant resistance near the $171.84 price point, preventing a sustained breakout.
This rejection triggered selling pressure, forcing SOL to test critical support levels currently situated around $165 and $160.
Analysts warn that a decisive break below the $165 and $160 thresholds could precipitate further declines toward the $150 mark.
The $171.84 resistance level is viewed as a substantial psychological barrier; failure to overcome it heightened downside momentum.
Traders are advised to closely monitor daily candle closes relative to the $168.71 level and anticipate potential strategy adjustments should SOL breach $165.
The midterm outlook for Solana suggests potential consolidation or testing within the $150-$160 zone under persistent bearish sentiment.