Solana: Descend continues to the next support

Solana entered a bearish trend after it broke below the important support level of $140 on January 17. As a retest, it rose back to the previous support but couldn’t break above.

Solana is currently resting over $135, fib 0.786 support which won’t be able to grip the price as there’s a significant resistance of EMA 50 above the current level on an hourly chart. Solana is likely to continue its descent to the target we mentioned in our last analysis at $122. If there’s some bullish reaction from Bitcoin, however, Solana can claim again the $140 support.