SOL – Takeout Drops Again

Solana is dropping inside a Bearish channel making lower lows with no signs of exhaustion. The only potential saving grace is the 100-day SMA that has held support for the past week. Solana has been bearish since November 06, 2021, from $260 including the December 4 dump. The price is in a continuous decline in a parallel channel. The trend was broken to the upside on December 1st but unfortunately, Bitcoin sell-off dragged the price down to the level where it started. Breaking above this trend is very critical for Solana to turn Bullish otherwise, more losses ahead.  A firm close below $180 opens the door for a deeper slide towards $160