The cryptocurrency industry is trading under a strong bearish influence as top crypto tokens attempt to keep their values above key support levels. This creates uncertainty about the future price movements of these altcoins. For example, despite gaining 21.68% in the last seven days, solana The price of has recorded a correction of 20.86% in the last 30 days. This underlines a strong bearish trend for the Solana token. Because it lost 6.59% value in the past day.
SOL Price Failed Again to Break Out of Resistance Zone
SOL price followed a mixed course in the first 2 months of 2024, trading between $76.75 and $126.75. Following this, the bulls gained momentum, causing the price to hit a high of $210.80 on March 18, marking a 110.80% jump in valuation.
Following this, SOL token displayed a neutral trend, trading sideways between $168 and $204.75. As market volatility increased, the bulls lost momentum and recorded a 29.87% correction in their portfolio. Since then, the price has been trading between $126.75 and $155.25.
Solana’s Market Insights
The cross EMA is recording a downward convergence on the 50/200-day period, the EMA on the 1D time frame with the 50-day period. This situation in the market altcoin It indicates a negative development that emphasizes a weak price movement for .
On the other hand, the technical indicator RSI is showing a bearish curve above the midpoint. crypto- It shows that there is an increase in the selling-overbought pressure in the field. He also notes that there is a high probability of an average, bearish convergence, indicating a negative outlook for the Solana token this week.
Will Solana Price Rise?
If the market gains momentum again, the bulls will soon test the $155.25 resistance level. If the price breaks this level, Solana will likely test the upper resistance level of $180.75 next week.
However, if bears maintain their dominance in the crypto market, SOL price may continue its downtrend. In this context, it may decline towards the important support level of $126.75 in the coming period.
