Solana Price Holds $166 Support After Rejection From $183 – What Comes Next? 📈
Solana (SOL) has encountered challenges sustaining momentum after peaking at $183 on May 14, with the price pulling back to retest a crucial support zone near $166. Currently trading around $169.43, Solana is trying to defend this support level and potentially trigger another upward move.
Technical analysis on TradingView highlights the $166.82 level as a key short-term pivot. Despite a previous rejection at $183.86, this support has held firm. A breakout above $177.51 or $183.86, if supported by higher trading volumes, could propel Solana towards the $190 to $200 range.
Current market volume shows a decline, with Solana’s 24-hour trading volume at $2.3 billion. Failure to maintain above $166 might lead to a retest of the stronger $142.25 support, which had previously marked an origin for bullish activity.
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