Solana (SOL) has recently seen a notable decline in its price, prompting close examination of its immediate and long-term technical outlook. This analysis delves into the cryptocurrency's recent performance and offers projections based on key support and resistance levels.
Short-Term Price Dynamics
The SOL token experienced a 2.26% drop over the last 24 hours. Currently trading around $122.16, the hourly chart revealed a false breakout from the local support at $121.14. Should the daily closing price remain distinctly above this level, a retest of the $124 area could be anticipated soon.
Mid-Term Bearish Outlook
Despite short-term fluctuations, no clear reversal signals are present on longer time frames, indicating persistent selling pressure. If bears maintain control and the daily candle closes near $120, a further correction towards the $116.88 level is probable. From a midterm perspective, the bearish sentiment appears to dominate, with a potential test of the $100-$110 range by month-end if the weekly bar closes at or below current prices.
