#Solana has tumbled to $128, marking its lowest level since May 1st, reflecting a drop of over 39% from its highest point this year.
$SOL price has been under bearish influence for about a month, forming a descending channel pattern on the daily time frame.
$SOL continues to trade within the descending channel, indicating a high potential for testing its support trendline.
SOL price had previously been trending inside a symmetrical triangle pattern.
SOL's price is currently trending below the 50-day SMA but above the 200-day SMA, suggesting a struggle between the bulls and the bears.
According to Coingabbar analysis, If Solana holds above $127, bulls may regain momentum and test the $155 resistance level.
Solana found support at the 200-day EMA; a break below it targets $120, May's lowest swing, indicating further downside.
KEY LEVELS :
RESISTANCE LEVEL : $146-$155
SUPPORT LEVEL : $128-$118
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