Solana Plunge Below $140 As Bearish Trend Intensifies! SOL Price To Retest $130 Soon?

The cryptocurrency market has started this week on a strong bearish note, resulting in top tokens recording significant correction in their respective portfolios. Moreover, following the market correction, the market leader, Bitcoin price, has failed to hold its value above the $66,000 mark.

On the other hand, the Solana price has lost approximately 7.13% within the past 24 hours with a change in trading volume of +153.44%. Further, it has lost approximately 10% since the week started, highlighting a negative price action for the altcoin this week.

With questions like “Will Solana ever go up again?” are you planning on investing but concerned about the future prospects of Solana crypto? In this article, we have covered the market sentiments and price analysis of the Solana (SOL) token.

SOL Coin Forms A Bearish Price Pattern:

The SOL price has been trading under a bearish influence for about a month, resulting in it forming a descending channel pattern in the 1D time frame. Moreover, the altcoin continues to trade within this range and hints at a high potential of testing its support trendline.

The SOL token has lost approximately $20 Billion from its market capitalization during this time, resulting in it dropping to the 5th position in the cryptocurrency market list.

Further, with this drop it has formed a massive gap of $24 Billion from the valuation of Binance Coin (BNB) which is currently holding the position of 4th highest valued crypto token globally.

Solana Crypto Market Sentiments:

The EMA 50-day acts as a resistance to the price chart, indicating an increase in the bearish sentiment. However, the EMA 200-day has supported the price in the 1D time frame, highlighting a mixed sentiment in the cryptocurrency market.

The Moving Average Convergence Divergence (MACD) displays a constant red histogram in its chart, with its averages showing a steady decline. This indicates a weak bullish sentiment for the SOL coin price.

Is SOL Price Bullish Or Bearish?

If the market holds the Solana price above its crucial support level of $127, the bulls will regain momentum and test its resistance level of $155.

Furthermore, if the market experiences a bullish action, the SOL token will break out of its resistance trendline and head toward its upper resistance level of $181.50 in the coming time.

Conversely, if the bears continue to hold power over the bulls, the Solana crypto will break down its trendline and its crucial support level of $127 and prepare to test its lower level of $100 during the upcoming weeks.

Also Read : With $60K & $70K as Major Support & Resistance, Bitcoin Price Stands Around $65K: Here is What’s Next!