Technical analysis by Coinpedia-Market-Insight about Symbol SOL: Sell recommendation (10/28/2024)

Resistance at $177: Solana's bullish momentum struggles at the $177 level, indicating a strong resistance, which, if breached, could signal further upward movement.Potential Drop to $150: If the bearish trend strengthens, SOL could slide down to the $150 support level, especially if it breaks below the key $164 neckline.Triple Black Crow Pattern: On the 4-hour chart, three consecutive bearish candles form a triple black crow pattern, a potent bearish reversal signal, indicating possible downward pressure.Rising Channel Formation: The recent price movement shows a rising channel pattern, but failure to make a new high suggests possible exhaustion in the uptrend.Double Top Reversal Signal: The failure to surpass $177 has formed a potential double top, warning of a bearish reversal if the neckline at $164 is breached.50 EMA Support at $168: Immediate support sits around the 50 EMA at $168, a critical level for bulls to defend in case of further bearish pressure.Key Trendline Support Near $165: A rising trendline near $165 adds another layer of defense, where a break below could intensify the selling pressure.200 EMA Support at $156: The 200 EMA at $156 serves as a crucial support, acting as the final defense before a potential slide to the $150 psychological level.Ascending Triangle Formation: A reversal from current support levels could shape an ascending triangle pattern, setting the stage for a breakout above $177.Volatility Amid Bitcoin's Fluctuations: Bitcoin's current volatility near $67,000 could affect SOL's trajectory, adding pressure on SOL’s support levels.Psychological Resistance at $200: If SOL gains momentum, the next significant psychological resistance level stands at $200, a critical milestone in the potential uptrend.