Key Levels at $50 and $40

SOL's recent arrival at this supply zone suggests a potential downward trend. This is because supply zones often lead to selling pressure, causing prices to decrease.
Notably, SOL's price previously interacted with this zone last week, resulting in a modest decline. This historical context is essential for understanding potential future movements.
The first significant support level is identified at approximately $50. Support levels are price points where buying interest is sufficiently strong to counteract selling pressure. If SOL reaches this level, it may experience a rebound in price.
A crucial point to watch is whether SOL closes below the $50 mark in the daily timeframe. Such a close could signal further declines.
Should the price fall below $50, the next key area to observe is the demand zone around $40. Demand zones are where buying interest is typically strong enough to push prices back up. If Solana reaches this lower zone, it may trigger a positive price reaction.