Solana
Solana Price breaks her crucial support! SOL price to retest $125?
Despite the increased price volatility in the cryptocurrency market, the SOL coin price continues to trade under bearish influence. Additionally, the altcoin repeatedly fails to break out of the resistance zone, indicating weak price action for the altcoin.
Since the mid-April cross-correction, the Solana Price is consistently trading in a consolidated range between $126.75 and $180.75, highlighting an important liquidation point for the altcoin in the crypto space.
SOL coin price fails to break out of its resistance zone:
THE SOL coin price failed to retest its important resistance level of $180.75, which saw the SOL crypto record a correction of 1.72% over the past day and 12.87% over the past day. from last week, highlighting increased bearish sentiment in the crypto space.
TradingView: SOL/USDT
The SMA technical indicator acts as resistance to the price chart on the 1D timeframe, suggesting an increase in the negative influence of the altcoin in the crypto space.
The relative strength index (RSI) is showing a bullish curve above the oversold range, indicating an increase in the price action of Solana price in the crypto market. Conversely, the average is about to drop below the midpoint, suggesting mixed sentiment towards the altcoin.
Will Solana Price Rebound This Month?
If the market favors the bulls, the SOL crypto will regain its momentum and test its resistance level of $155.25 by next weekend. Moreover, if the bulls manage to break above their resistance zone, the altcoin will head towards its high of $200 this month.
However, if the bulls fail to regain momentum, SOL coin price will continue to trade under bearish influence and prepare to test its crucial support level of $126.75 in the coming times.