As reported by U.Today, Solana (SOL) is experiencing bearish momentum, trading around $210 after failing to maintain its previous highs of $280. The cryptocurrency is stuck in a descending channel, with the 50 EMA acting as a crucial resistance level. The next significant support is at the 100 EMA, closely matching the lower edge of the channel at $196. A break below this level could lead to a further decline towards the 200 EMA at $175. Conversely, if SOL breaks out of the channel and recovers from the $196 support, it may aim for the $225 level. However, a complete reversal would require SOL to regain the $250 level and show consistent momentum outside the channel. The RSI indicates bearish momentum but is not yet oversold, suggesting potential further downside. Traders are advised to monitor the $196 support level for signs of a breakdown or reversal.
Solana Faces Key Support at $196 Amid Bearish Momentum
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