Solana trades in a bear market below the median line of the Bollinger Bands. As of this writing, the cryptocurrency is trading at approximately $183.0, losing 5.0% of its value in its third consecutive day of a losing streak.
The Stochastic Oscillator records show 23 in the daily chart, meaning the cryptocurrency could become oversold soon. Additionally, the $182.0 mark is in conjunction with the October 29 high, making it a robust resistance level.
Solana May Recover If $182.0 Resistance Holds
Therefore, there is a possibility for prices to bounce from this level if the $182.0 resistance holds firm. That being said, from a technical perspective, if this resistance holds, SOL/USD could consolidate near $187.7.
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Conversely, if bears push prices below $182.0, the downtrend could resume, targeting the $170.0 mark.