Technical analysis by Tera_kill about Symbol SOL: Sell recommendation (7/31/2024)

Solana Labs announced a system upgrade to enhance the speed and performance of the network, which could excite investors. Currently, SOLUSDT is fluctuating around 180 USD. The MACD indicator shows a bearish signal as the MACD line crosses below the signal line, indicating a potential continuation of the short-term downtrend. SOLUSDT is moving within an ascending channel, but with the current selling pressure, the price may adjust to a lower support level before rising again. If the price fails to surpass the current resistance and falls below the support level of 178.63 USD, it may test even lower support levels.