The Solan token continues to record a bearish price action as the token has experienced a correction of 7.5% in valuation within the past 24 hours. Positively, the SOL price has displayed a positive trading week as it has added approximately 3% over the past seven days.
The Solana price displayed a neutral trend by trading in a closed range between $100 and $119 for a brief period, following which the bulls regained momentum and jumped 22.52% in valuation, after which the price traded sideways for a while.
After testing its low of $119, the bulls regained momentum and recorded a jump of 25.21% before facing rejection below the resistance level of $155. Following this, the SOL price displayed a neutral trend for the next six days.
The Solana price then jumped approximately 41% in valuation within the next five days before facing rejection at the resistance level of $210, after which the bulls lost momentum and displayed a negative trend. Since then, the price has been trading in a consolidated range between $170 and $200.
The Relative Strength Index (RSI) displays a negative trend in the chart, indicating increased selling pressure in the crypto space. Further, the averages show a flatline, suggesting uncertainty in future price action.
Also Read: Solana’s TVL & Volume Explodes: Here’s Why SOL Price Rally May Hit $500, Squashing the Bearish Pressure
Will Solana Go Up?
If the market regains momentum, the bulls will prepare to test its resistance level of $186.55. Moreover, if the bulls continue to gain power, it will further rise and prepare to test its upper level of $200 this month.
Negatively, if the bulls fail to regain momentum, the price will start trading under a bearish influence and prepare to test its support level of $170. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $155.
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