The Solana price today is hovering around $161.90, down nearly 7% over the past 24 hours, after slipping below the crucial $170 support. This marks a sharp bearish reversal from last week’s high near $184. The latest Solana price action reflects increased volatility and selling pressure after multiple failed attempts to sustain above the $175 resistance zone. The rejection around the upper Bollinger Band and the confluence of the descending trendline has accelerated the downside.
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
From a broader perspective, the Solana price update shows that SOL has broken below both the 50-EMA and mid-Bollinger Band on the 4-hour chart. This confirms a short-term bearish tilt. The recent drop also puts the asset below the 0.382 Fibonacci retracement level from the $295 high to the $95 low, which was around $171.05. This now flips into a resistance zone ahead of Monday’s session.
Why Solana Price Going Down Today?
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
The sharp retracement in the Solana price appears largely technical, triggered by overbought conditions earlier this week. On the 30-minute chart, SOL broke below the support zone at $166, followed by a test of the $160 handle. Momentum indicators confirm weakness: the RSI has dipped to 34.35 while MACD remains in a bearish crossover.
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
A negative reading on Chande Momentum Oscillator (-46.04) and a Stoch RSI crossover below 50 further reflect fading bullish momentum.
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
The break of the ascending support trendline from early May, combined with selling volume clusters near $172–$174, signals that buyers have temporarily lost control. As a result, traders are now eyeing whether the $158–$160 zone—marked by prior consolidation—can offer any cushion.
Solana Price: Key Levels And Technical Outlook
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
Zooming out to the daily chart, SOL’s rejection from the $180–$184 resistance range forms a lower high in the context of a broad descending channel that began in February. With today’s move, Solana price volatility has picked up sharply, and the price is threatening a deeper pullback toward the 200-EMA at $155.93.
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
Should SOL fail to reclaim $166 intraday, the next demand zone lies between $150 and $153, followed by the weekly 0.236 Fibonacci level at $142.48. On the upside, bulls need a strong reclaim of $170 to shift momentum back in their favor. Only a close above $174.60 would confirm a renewed bullish trend.
Solana Price Forecast: May 20 Outlook
Solana price dynamics (April 2025 – May 2025) Source: TradingView)
While SOL retains its longer-term bullish structure above $142, the near-term looks choppy. The Solana price update suggests that downside risks may persist until sentiment stabilizes around the $158–$160 band. If buyers fail to defend this range, a drop toward $150 becomes likely.
That said, should the market see a relief bounce and reclaim the $170 level, intraday momentum could return, targeting $174.28 and then $178.74. However, the presence of multiple trendline rejections suggests traders may continue to fade rallies until a decisive breakout occurs.
The Solana price is under pressure after losing the $170 support, and short-term indicators suggest the pullback may not be over yet. With key support now shifting to the $158–$160 region, traders are advised to watch for a base formation before re-entering long positions. If support holds, SOL could quickly rebound toward $174—but failure could deepen the retracement below $155.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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