​Solana (SOL) rapidly approaches key technical support zone

​​​​​SOL slips towards support area

​SOL bearish case:

​SOL is a crypto currency which, since April, has been trading within channels, from April-to-May in an upward trending channel and since then in a downward trading channel.

​The SOL token seems to be on track for its fourth consecutive day of falling prices with the 5-to-13 June lows at $141.53-to-$140.21, together with the late April-to-early May lows at $141.41-to-$140.32 providing a key support zone.

​Were it to be fallen through the $140.21 level on a daily chart closing basis, the downtrend channel support line at $127.45 and the mid-April low at $123.49 may be revisited.

​SOL bullish case:

​Provided that the $141.53-to-$140.21 major support zone holds on a daily chart closing basis, a bounce off this support area may occur.

​For the bulls to be back in control, even in the short-term, a rise and daily chart close above the 16 June high at $158.80 and the downtrend channel resistance line at $160.31 would need to be seen.

​Only then could a bullish reversal take SOL to the 11 June high and 200-day simple moving average (SMA) at $168.36-to-$172.04.

​Further up sit the May highs at $184.88-to-$187.71 which represent the next higher resistance area.​​

SOL daily candlestick chart

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