#Weekend Market Analysis

Solana is approaching a critical support level as selling pressure increases.
The price of Solana has dropped by more than 20% from its highest level in 30 days of $187.71, recorded on May 23, as it failed to close above the high supply zone near $180. Additionally, this multi-month resistance line prolongs the downward trend, having peaked on January 18, May 14, May 23, and May 27.

It is worth noting that the bearish reversal on May 28, which resulted in a decline of 2.55%, closed below the short-term support trend line that met with the upper trend line, completing a triangle pattern. This represented a reversal of a triangle pattern that prolongs the collapse of Solana.

The recent decline of more than 5% on Thursday has shifted the stock's direction to bearish, as Solana closed below the baseline of the Super Trend indicator. This change triggered a sell signal and formed a downward trend line at $171, near the previously mentioned resistance line.

As it approaches the support area at $140, the Relative Strength Index (RSI) at 37 shows an increasing likelihood of a new breakdown for Solana. Compared to the previous drop towards the $140 area on May 4, the value of the Relative Strength Index has decreased significantly, indicating a substantial increase in bearish momentum.

Additionally, the Moving Average Convergence Divergence (MACD) drops below the midpoint with an increase in red histogram bars in the negative zone, indicating a bearish trend in the movement.

A potential drop of Solana below $140 could fuel a correction phase towards the $105 level, which is the lowest closing price since the beginning of the year.
On the contrary, if Solana extends the daily recovery, it may face immediate resistance at the 200-day Exponential Moving Average (EMA) at $162.