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Downtrend intensifies as SOL struggles to stay above $ 160

                                                            <strong>Wichtige Unterstützungsstufen: 166 $, 146 $</strong>

Key Resistance Level: $ 187

SOL concluded after the All time high a bearish MACD cross on the weekly timeframe and this downtrend has only intensified since then. SOL needs to hold its price above the key support at $ 166 if there is hope of halting the current decline. If that fails, the price could come down in search of new support. The current resistance is at $ 187, where SOL was sharply rejected.
Chart according to TradingView

This is what awaits you in this article

Technical indicators

Trading Volume: Volume has remained constant during this downtrend and the bears do not seem satisfied yet.

RSI: The daily RSI is falling and staying in bearish territory (below 50 points). It seems likely that it will fall again and there is hope that the bulls will rebound if it hits overbought conditions.

MACD: The MACD on the daily timeframe made a bullish cross three days ago, but it now appears to be reversing on the downside. The weekly MACD is clearly declining and will likely remain so for at least a few more weeks.
Downtrend intensifies as SOL struggles to stay above $ 160, Crypto Trading NewsChart according to TradingView

Bias

The current bias is bearish given the indicators.

Short term forecast for the SOL price

The SOLcorrection will most likely continue, and there could be at least one more Elliot wave down before a potential reversal occurs. If the current support at $ 166 fails, SOL has another chance to reverse the downtrend at $ 146.

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Source: Crypto News Deutsch

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