Solana Faces Bearish Pressure as Key Support Levels Tested

According to CryptoPotato, after an impressive rally that pushed Solana's price above $200, bears have returned, causing a pullback to the support level at $164. With Bitcoin and Ethereum also falling, Solana could not maintain its upward momentum. However, as long as the $164 support level holds, Solana's uptrend remains intact. The $164 support level has a good chance of bringing buyers back and ending the current correction. If bulls fail to hold at that level, the next line of defense is at $120. The daily MACD histogram has shown lower highs, indicating the first sign of weakness for Solana. This is not concerning at the moment, but if the moving averages make a bearish cross, Solana's price may not make new highs in the near term. The bias for Solana is currently bearish. In the short term, it is crucial to watch the key support level at $164, as this will determine the cryptocurrency's direction in the coming days.