Solana
Will the bulls trigger a 10% rally and save the SOL price rally from an even loss?
After an up-and-down week, cryptocurrency markets are heading toward the weekly close, which is expected to be somewhat volatile. While Solana price was expected to begin a rebound, the latest pullback saw levels fall below crucial support. Therefore, the SOL Price It is now believed to be in big trouble if the bulls fail to close the weekly trade on a bullish note.
Solana price formed consecutive lows and highs after failing to hold above $200, which confirmed the growing strength of the bulls. This caused the price to lose the crucial support at $175, then $64 and finally fell below the critical support zone between $155 and $159. Now that levels have dropped to near $140, the question arises whether the rally can continue the downtrend and reach $133 or whether it reverses and rises towards the support-turned-resistance zone.
As seen in the chart above, SOL price is trading within a decisive symmetric triangle and has unfortunately failed to hold support. Bulls strive to raise levels, but lack of strength makes the job tedious. Furthermore, the RSI also entered a similar trend and unfortunately broke the levels, validating the continuation of a downtrend. Therefore, the price is now believed to be heading towards the crucial lower support, while the bulls are expected to take their chances at $140.
Currently, technicals are strongly bearish on Solana, with sentiments favoring a strong sell-off. The RSI, StochRSI, ADX and Bull-Bear Powers are currently neutral but below average levels at 37.91, 9.77, 22.41 and -21.96, respectively, indicating that the bottoms may not be reached . Meanwhile, the moving averages are pointing towards a sell-off. signal and therefore the SOL Price is expected to decline towards its interim support.
However, a weekly close above $150 or $155 may invalidate the bearish trajectory but maintain the consolidation phase for Solana (SOL) price to rise.
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