The Solana price continues to face significant challenges as it struggles to break above the 200 exponential moving average (EMA), a crucial technical level that has been a thorn in the side of bullish investors. With each failed attempt to reclaim this level, bearish pressure is mounting, and the likelihood of a move towards the $145 support area is increasing.
Technical Analysis of Solana Price
Solana’s price action remains weak, and the asset continues to trade below the 200 EMA, a key dynamic level closely watched by traders and investors. The repeated failures to break and hold above this level have confirmed that it is a strong resistance zone, suggesting that sellers are still in control and bearish pressure is building as Solana tests lower support areas.
Key Technical Points to Consider
Several key technical points are worth noting when analyzing the Solana price. Firstly, the 200 EMA continues to limit Solana’s bullish momentum, acting as a great resistance level. Secondly, the repeated rejections above this level confirm the strong selling pressure in the market. Finally, the next support level at $145 is considered a crucial area to watch, as it represents a key structural demand zone that could temporarily halt selling pressure.
From a technical perspective, Solana’s current structure highlights increasing weakness as the price remains consistently below the 200-EMA. The 200 EMA, which also coincides with a psychological resistance zone near the $200 level, has proven to be a key technical ceiling. This area acts as a convergence point for both dynamic and static resistance, reinforcing its importance. Each failed retest reinforces the market’s bearish bias, indicating that buyers lack conviction to sustain a rally above this zone.
Future Price Development Expectations
If Solana fails to recapture the 200 EMA in the near term, the bearish scenario remains the most likely outcome. A continuation below this level could lead to a full retest of the $145 support and mark the next key turning point. As the broader market structure for Solana remains bearish, with lower highs forming consecutively since its rejection in the $200 area, it is essential for investors to closely monitor the price action and adjust their strategies accordingly.
For more information on the Solana price and its future development, please visit https://crypto.news/solana-price-fails-to-hold-above-the-200-exponential-moving-average-downside-pressure-builds/.
