"Is the rebound over?"...Solana, blocked by resistance, selling pressure explodes

▲ Solana (SOL)/ChatGPT generated image

Solana (SOL) continues its attempt to rebound, but it has failed to break through key resistance levels, showing a weakening upward momentum.

According to crypto media outlet NewsBTC on May 1 (local time), Solana formed a high near $88 before turning downward, successively breaking below the $86 and $85 lines. The price then fell to approximately $82.96, recording a short-term low, and is currently consolidating in the loss zone.

Currently, Solana is trading below $85 and is located below the 100-hour moving average, indicating that a bearish structure is maintained in the short term. However, movements breaking through some of the downtrend lines are appearing on the hourly chart, confirming limited rebound attempts.

On the upside, the $85.50 level is acting as the primary resistance, and if broken, $86.80 and $88 are identified as the next major resistance zones. In particular, whether the $88 level is broken is analyzed as a critical turning point for determining the resumption of an upward trend in the future.

Conversely, if the rise is limited, there is a possibility that downward pressure could increase again. The $83 level is acting as the primary support, and if this level breaks, there is an analysis that further declines to $80 and even $75 could open up.

Technical indicators show mixed signals. The MACD suggests an upward trend, and the RSI remains above 50, indicating rebound potential. However, there is a warning that selling pressure could intensify again if key resistance levels are not recovered.

Ultimately, Solana has entered a turning point where both a short-term rebound and the possibility of further decline are open simultaneously, and whether the key resistance level is broken is expected to be a decisive variable influencing the future direction.

*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*