Solana Slides Below $160 Resistance, Technical Indicators Show Mixed Signals

Solana experienced a significant decline Thursday, dropping below the $162 mark before attempting a modest recovery. This attempt faces considerable resistance near $166, with the cryptocurrency now trading below its 100-hour simple moving average. Traders are closely watching whether this rebound gains traction or fades into another downturn after a recent plunge from above $175 to a low of $145. The decline followed Solana’s sharp fall following a failed attempt to stay above the $170 support level, and subsequent breakdown through several support levels including $170 and $165 before showing signs of recovery.