Solana's Price Experiences Massive Drop As Selling Pressure Increases
The price of Solana has been declining, due to the fact that the selling pressure has been increasing. Solana price has experienced a massive decrease in the last week, and there are skepticisms whether the support level will be able to hold the price. Solana in recent times, have been seeing a support level of $164, and a resistance level of $206
In the last week, Solana has seen a 10% decrease in its price. This came after Solana was unable to go beyond the $206 resistance. Currently, the selling pressure has been enormous, and the sellers are trying to break the support of $164; thereby driving the price further down.
In order to prevent Solana price from dipping further, the price has to remain beyond the support level of $164. And if Solana price doesn't hold above the support level of $164, then there's increased chances that the price will dip further to about $130.
In addition to the drop in Solana price, the Moving Average Convergence Divergence (MACD) on the 3 day, has shown a bearish cross. This indicates that the pressure is more on the dropping of Solana price. And should the $164 support level be broken, then Solana may be confirmed to be bearish.
There is so much selling pressure on solana and it is gradually increasing. Well let's see how it plays out. If the selling pressure can stop, it will help the token to recover in price