Solana in Dire Straits: Will the Bulls Trigger a 10% Upswing and Save the SOL Price Rally From an Equal Loss?

After a roller-coaster week, the crypto markets are heading towards the weekly close, which is expected to be somewhat volatile. While the Solana price was expected to initiate a rebound, the latest pullback has caused the levels to drain below the crucial support. Therefore, the SOL price is now believed to be in acute trouble if the bulls fail to close the weekly trade on a bullish note. 

The Solana price has been forming consecutive lower lows and highs after failing to hold above $200, which confirmed the swelling strength of the bulls. This caused the price to lose the crucial support at $175, later at $64 and finally broke below the critical support zone between $155 and $159. Now that the levels have dropped close to $140, the question arises whether the rally may continue with the bearish trend & hit $133 or flip and rise to the support-turned-resistance zone.

As seen in the above chart, the SOL price is trading within a decisive symmetrical triangle and unfortunately failed to hold the support. The bulls are trying hard to push the levels up but the lack of strength is making it a tedious job. Besides, the RSI also ranged within a similar pattern and unfortunately broke down the levels, validating a continuation of a bearish trend. Therefore, the price is now believed to head towards the lower crucial support, while the bulls are expected to try their luck at $140. 

Currently, the technicals are heavily bearish on Solana, with sentiments towards a strong sell. The RSI, StochRSI, ADX, and Bull-Bear power are presently neutral but below the average levels at 37.91, 9.77, 22.41 & -21.96, respectively, indicating the bottoms may not be in. Meanwhile, the moving averages are pointing towards a sell signal and hence the SOL price is expected to drop towards its interim support. 

However, a weekly close above $150 or $155 may invalidate the bearish trajectory but keep up the consolidation phase for the Solana (SOL) price rally.

Also Read : Crypto Market Crash: How Low Can Bitcoin and Altcoins Drop?