SOL Under Bearish Scrutiny: Fibonacci Levels Hold the Key

• Solana price drops 16.78% from $264.36 amid descending channel.
• SOL trades below 20, 50, 100, and 200 EMA, reinforcing bearish sentiment.
• Total SOL liquidations hit $15.37M, with $14.47M in long positions.

Solana (SOL) continues to face intense bearish pressure, shedding 16.78% from its local high of $264.36, with its prices currently hovering near the critical support level of $225. The cryptocurrency has been locked in a descending channel, marked by a persistent downtrend, as highlighted by the chart’s trendline below.

This trendline has stopped price action from going up and kept SOL under selling pressure. The current struggle suggests a battle between buyers and sellers, with $225 emerging as the immediate demand zone.

Historically, this level has served as strong support, but if breached, SOL could spiral further down to $215.77, the 23.6% Fibonacci retracement level.

SOL Key Technical Levels and Indicators

The Fibonacci retracement tool reveals critical levels dictating the coin’s price action. For instance, the 38.2% retracement level at $225.05 aligns closely with the current support zone, making it a decisive area…

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