Price Analysis

Solana(SOL) Price Bullish Trend Is Fading, Will It Bounce Back Or Continue Dipping Beyond $200?

Written by: Sahana Vibhute

November 16, 2021

The crypto space is witnessing a pullback that has dragged most of the assets with a notable margin. Bitcoin price is on the verge to drop below $60,000, and strongly attempting to sustain above. Hence the top 10  cryptos including Solana is also following the top crypto in trending towards the south. The plunge has compelled the SOL price to break down the pattern and head towards $200. 

The asset had maintained a notable uptrend since the beginning of the current trading month. A significant pullback dragged the price below $220 a couple of days before. However, it sustained the trembled situation and managed to recover the losses. While it was on its path to smash the crucial $250 levels, the extreme sell-off yet again drowned the price to a larger extent.

Source: Tradingview

Solana price, at the press time, has broken the uptrend line around $230 and plunged down slightly. However, the asset is already flipping to maintain the trend line, yet the uptrend cannot be valid yet. The crypto needs to renter the triangle and smash the pattern towards the north hitting $250. With the resumption of the uptrend, the asset could gain enough strength to march towards its ATH at $260. 

On the flip side, if in case the altcoin continues its rally towards the south, which is quite possible, then $200 levels may be at stake. As the selling pressure appears to have mounted, the SOL price could lose a significant portion of its share. The levels around $202 need to be held strong else the plunge may drop the price below $190. 

Collectively, Solana price is trending within very crucial zones, wherein a breakout is the need of the hour to nullify the bearish trend. However, the current plunge maybe just a slight correction, while rebound may also be well in place.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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