Solana
Is Solana looking for rejection? If so, here’s where SOL price could reach this month
After exceeding a certain range, the Solana Price finds it extremely difficult to exceed a certain price level. As a result, the price consolidated strongly in a very narrow range, just below resistance. Furthermore, the volume has also not reached the desired level, increasing the possibility of the price experiencing a bearish divergence.
Does this suggest that SOL price could dip below $130?
SOL price is stuck in a tight range as bears cut it shortly after the token reached near $175. At a time when the price was expected to drop below $160, the price quickly rebounded and revived hopes of reaching $180. However, a new bullish surge does not seem to be happening in the coming days due to fears of a bearish pullback in the token.
Short-term trading suggests support for the bearish narrative as the price is expected to reach the lower support below $165 very soon. The price is currently testing one of the key zones, which is a strong trend reversal zone. Therefore, if the bulls show weakness, then the price could face an intermediate rejection and drop to $164. However, the token has managed to maintain these support levels.
Nevertheless, if the RSI continues to reach the lower threshold, a new downtrend could begin, which could trigger a 5% pullback. Solana has seen a few rebounds lately and after that, it failed to break from interim support, forcing it to move to the next resistance. Now that the bulls are consistently failing to break above $175, a bearish pullback to $160 initially, and then to $140, could be on the horizon. This could attract traders who could either fuel the bearish narrative or induce significant liquidity to propel Solana (SOL) price above $170.