Altcoins News
By Julie Binoche
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Resistance Holds at $171 Despite Intraday Surge. On August 5, Solana briefly broke above $171 following a short-term rally that began the evening…
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Key Technical Zones Still in Play. Looking at the longer-term chart, Solana has been trading within a wide horizontal range since…
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Volume Up, But Momentum Weakens. One of the more interesting data points is the rise in trading volume.
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RSI and MACD Turn Bearish. Technical indicators paint a cautious picture. The Relative Strength Index (RSI) has dropped to 44.
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Outlook: More Downside Unless Key Levels Break. The path forward for Solana will depend largely on whether it can reclaim $170 with strong momentum.
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Conclusion. Solana’s recent rejection near $171 highlights the token’s ongoing battle with resistance in a…
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Solana (SOL) is showing signs of weakening bullish strength as it struggles to break past key resistance near $171.
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Despite the price dip, trading volume rose sharply by 23.37%, reaching $5.39 billion. This signals strong market activity but also reflects a lack of buyer follow-through.
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On August 5, Solana briefly broke above $171 following a short-term rally that began the evening before. However, the gains were short-lived. Strong selling pressure during the U.
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The rejection near $171 reflects a broader pattern observed in Solana’s price action since early 2024.
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The recent decline has returned the price to a mid-range support zone around $160–$170. A decisive move below this zone could expose the token to the next support at $150.
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One of the more interesting data points is the rise in trading volume. Despite the price falling back to $163, daily trading volume rose over 23%, indicating that investors…
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However, the volume spike hasn’t translated into lasting price strength, suggesting that much of the activity could be from short-term traders or profit-taking following the…
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Meanwhile, the Moving Average Convergence Divergence (MACD) has also turned negative. The MACD line sits at -0.20971, with the signal line at 3.19263—forming a bearish crossover.
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Until the RSI climbs back above 50 and the MACD histogram starts printing green bars, traders are likely to remain cautious.
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