Solana (SOL) has registered a 3.06% price decline, driven primarily by weak trading volume and a failed breakout below a key technical support level.
The cryptocurrency failed to sustain a drop below the crucial $179.87 support level, resulting in a false breakout. This technical failure, combined with the ongoing lack of robust volume, suggests a period of sideways trading is likely for the SOL/USD pair within the $180-$190 range. Bearish pressure continues to weigh on the asset.
Market participants should monitor the $179.87 level closely, as a definitive weekly candle close beneath it could see prices slide towards the next significant support near $170. Conversely, stability above $179.87 might signal gathering buying interest and could prevent further immediate downside.
The recent price action reflects broader market uncertainty, characterized by diminishing trading volume and misleading technical signals like the false breakout. Traders are advised to track key support and resistance levels to gauge the market’s next potential directional shift.