solana It has increased by over 1000% since the beginning of the year. For this reason, it became one of the best performing coins. With the sudden rise in SOL price, markets shifted their focus to crypto. In this context, it increased the volume to over 1 billion dollars in a very short time. However, after reaching yearly highs, SOL price is trading under bearish influence.
So, Has the Bull Run Stopped? Will the Price Drop Below $100 Again?
Koinfinans.com As we reported, Solana price increased from $67 to $118 last week. In this context, it returned to pre-FTX levels, making new yearly highs at $126.26. The token may have printed consecutive bearish candles. But in the long run, another high could be considered a low. However, technical data suggests that the price may soon fall into a bearish trap. But the bulls will definitely hold as they seem to be confident in the next price movement.
In short-term trading, the RSI remains neutral, neither overbought nor oversold. This shows that the price will continue a horizontal trend. Moreover, on the daily and weekly time frames, the RSI tags are extremely overbought. This indicates that a potential price correction may be on the way. On the other hand, other indicators point to a possible reversal soon.
Bollinger bands at 155 indicate very high market volatility. However, MACD continues to give bullish signals. Long-term support levels are $105 and then $75, while resistance levels are $133 and then $171.
Collectively, SOL price continues to maintain bullish momentum in the short term as well as the long term. Additionally, overbought RSI levels indicate a potential price correction. Therefore, it is possible that Solana may present the final ‘buy the dip’ opportunity before sparking a major rally to higher targets.