Solana (SOL) is facing mounting pressure due to the pullback in the broader cryptocurrency market, causing its price to decline by 8% over the past seven days. The asset’s price has been moving within a descending channel since November 23, indicating sustained selling pressure.
The upper trendline of this channel represents resistance at $230.17, while the lower trendline acts as support at $200.60. Solana broke below its 20-day Exponential Moving Average (EMA) and has struggled to breach the barrier formed at $227 in the past six days.
If demand doesn’t rise, the SOL coin price could drop to $187, a level not seen since early November. However, if bulls can defend the support zone of $200.60, they might be able to break through their 20-day EMA resistance and set sights on reclaiming its all-time high of $264.
Please note that this analysis is for informational purposes only and should not be considered financial or investment advice.
Source: https://beincrypto.com/sol-struggles-above-200