Solana continues to trade inside a downward sloping bearish channel. Price is now challenging short-term support at $97.75. Failure to hold above this level could lead Solana price towards $91-$93.The RSI has reached oversold levels but has still not provided a clear bullish divergence.
Black lines- Fibonacci retracements
Red rectangle- support
If support at the red rectangle is broken then Solana continues lower towards $91-93. Price is now around the 61.8% Fibonacci retracement and the chances of a reversal to the upside are high. Resistance is at $103 and a daily close above this level would be a first step for bulls.
