Solana Price Analysis: $200 Target Fades As SOL Price Faces Rejection?

Amid ongoing geopolitical tensions, the cryptocurrency market has recorded a significant correction in valuation this week. Moreover, top tokens have experienced a pullback toward their important support levels, indicating increased bearish sentiment in the crypto space.

Following this, Solana price has experienced a similar price action by facing a strong rejection at its resistance level of $155. Reportedly, this is the 3rd such recorded rejection within a span of 42 days. Will SOL price make a comeback this Uptober or will retest its crucial support level again?

SOL Price Fails To Break Its Crucial Resistance Zone:

The Solana price has dropped 1.73% in the past 24 hours with a trading volume of $2.78 billion. Moreover, it has plunged over 11.86% over the past week. This indicates an increase in the bearish sentiment in the crypto space.

Notably, the 5th largest cryptocurrency by market cap has repeatedly faced rejection around the psychological resistance level of $155 since August. This highlights a strong liquidation point for the crypto project around that level. With a trading value of $139.27, it is on the path of potentially retesting its crucial support trendline.

Solana Crypto Technical Sentiments

The Moving Average Convergence Divergence (MACD) displays a rising red histogram with its averages showing a bearish convergence in the 1D time frame. This suggests a negative outlook for the altcoin this week.

Further, the EMA 50/200-day shows a high possibility of a Death Cross in the SOL price chart, highlighting a weak buying-over-selling pressure for it in the market.

Will SOL Price Go Up In 2024?

If the cryptocurrency market experiences a bullish reversal, the Solana crypto could retest its resistance level of $155 during the upcoming week. Moreover, if the market favors the bulls, in that case, it could prepare to head toward its crucial resistance zone above the $181 mark.

Conversely, if the bears continue dominating the crypto space, this could result in the price of the SOL token plunging toward its crucial support trendline of $127 this month.

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