The SOL price has displayed a strong bearish trend since the month started, resulting in this altcoin recording a correction of approximately 30% in valuation. Moreover, the rising bearish trends have created a Fear, Uncertainty, and Doubt (FUD) like situation among its investors.
The Solana price continues its struggle to break out of its key resistance level at $156.25, indicating a strong liquidation point for the altcoin on that level. Moreover, it has formed a negative pattern in the 1D time frame, suggesting a negative price action for the altcoin in the coming time.
Furthermore, the price has displayed a correction of 0.25% within the past seven days and 26.52% over the past 30 days. The EMA 50-day acts as a resistance to the price chart, highlighting a strong bearish influence for the SOL token in the cryptocurrency space.
The Relative Strength Index (RSI) shows a constant decline, indicating an increase in the selling pressure within the crypto space. Moreover, the averages display a high possibility of a bearish convergence, suggesting a negative price action for the altcoin in the coming time.
Will Solana Price Reclaim $200?
If the bulls regain momentum, the SOL price will test its resistance level of $156.25 by the coming week. Maintaining the price at that level will set the stage for the Solana token to attempt to test its upper resistance level of $180 in the coming time.
However, if the bears hold power over the bulls, the SOL price will fall to test its support level of $127. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $100 in the coming time.
