Solana is currently trading around the $130 level, aiming to stabilize after a very volatile week that witnessed an intense selling wave that led to the imminent formation of the 50-day exponential moving average (50-EMA) and its 200-day counterpart (200-EMA). 121 to 123 dollars to withstand increasing pressure.
As the price of the Solana currency remains confined within a months-long descending channel, the market faces a crucial question: will this zone hold or will its breakout pave the way for a more severe decline?
The overall trend weakens as a death cross approaches its formation.
Technically, selling remains the dominant feature following the formation of a sharply descending price channel that has defined the magnitude of major price movements since mid-September, as it has continued to form gradually decreasing price peaks to confirm the downward trajectory tracking, with successive recovery attempts failing each time price tests the middle of the channel barrier.
The next few days bring an additional challenge. A deadly crossover has begun to form between the EMA-50 and EMA-200 lines for the first time since early 2023, suggesting the possibility of price following an extended downward trajectory if buyers fail to regain their buying power, with the $121-$123 range – which price has tested repeatedly this week – remaining as the final area of support that can prevent the price from sliding to the $107 level and perhaps $95.
The most notable downward pressures include:
- It forms a continuous series of higher prices progressively lower since September.
- The midline of the price channel hinders repeated rebound attempts
- The EMA-50 and EMA-200 lines approach a death cross formation
Support holds, but momentum remains fragile
Despite the likely technical setup for the possibility of following a downward trajectory, buyers showed strength at the lower boundary of the channel as recent trading candlestick patterns were accompanied by extended lower tails and small bodies, indicating that buyers stepped in strongly immediately after touching the $121 level. The Relative Strength Index (RSI) also rebounded from the overbought range after hitting 33, forming a slight positive divergence as price tested the support zone.
Therefore, the recovery of the $144-146 zone is the first real test of the extent of the resumption of the upward trajectory, while the crossing of the upper limit of the channel at $172 will be considered an early signal of a fundamental reversal of the trend.
Solana Technical Outlook: Price stabilizes in descending channel as buyers defend support
The Solana price outlook remains bearish as traders looking for a safe entry could wait for a strong bullish retracement candle to form in the $121-$123 range. Then, closing the price above the $144 level will confirm the first signs of reestablishing bullish momentum and pave the way for reaching the resistance barriers at $146, then $172, and perhaps $205 if the overall market mood improves.
However, failure to defend the $121 level will more clearly raise discussions about the negative implications of a deadly crossover, which could expose the price to further decline as December approaches. However, if macroeconomic conditions stabilize, Solana coin could move from a wave of decline to a consolidation phase, which could create new entry opportunities ahead of the next wave of promising IPOs.
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Expectations After Solana Coin (Solana-SOL) Price As Death Cross Formation Approaches, Is Breaking of $123 Support Level Inevitable? appeared first on Cryptonews Arabic.
