Solana's Bull Party Ends: Trendline Smashed, Fib Eyed
CoinDesk
Solana's SOL token broke its upward trendline, signaling increasing bearish momentum with key support at the 61.8% Fibonacci level.Summary
Solana's SOL token has dropped to its lowest point since August, decisively breaking below the upward trendline established during its April bull run. This breakdown, coupled with lower highs and lows and a renewed bearish MACD crossover, indicates strengthening bearish momentum.
Immediate support for SOL is identified at the $155 level, which corresponds to the 61.8% Fibonacci retracement of the rally from $95 to $253. A failure to hold this level could push the price down toward the next support zone around $129. To negate the current bearish outlook, SOL must reclaim the $180 mark, which is the 200-day Simple Moving Average (SMA).
(Source：CoinDesk)