Can Solana Hold Support?

Solana has declined more than 16% since December 27 yet it is still hovering over the support level of $172. The question now is can Solana maintain the support of $172?

The support level of $172, the 0.786 Fib is crucial for Solana as the next support is much lower at $148, where Solana was last on December 13. We think the current support level is too weak to hold off the bearish price rally as we have a converging resistance of EMA 20, 50, 100, and 200 above that level.