Despite Increased Volatility, SOL Price Remains Bearish
In the volatile cryptocurrency market, SOL coin is struggling to break free from bearish pressure. Despite attempts, it fails to breach the resistance zone, indicating weak price action.
Since mid-April’s market correction, Solana’s price has oscillated within a range of $126.75 to $180.75, establishing a critical price range for the altcoin.
SOL Coin Faces Resistance
The SOL coin’s price failed to retest its crucial resistance at $180.75, resulting in a 1.72% correction within a day and a 12.87% drop over a week, signaling increased bearish sentiment.
In the 1-day timeframe, the Simple Moving Average (SMA) acts as a resistance, indicating a negative influence on SOL’s price.
Technical Indicators
- The Relative Strength Index (RSI) shows a bullish curve above the oversold range, suggesting potential price increase for Solana.
- Conversely, the average is approaching below the mid-point, reflecting mixed sentiment.
Prospects for SOL Price Recovery
If the market favors bulls, SOL may regain momentum and aim for $155.25 by the weekend. A successful breach of resistance could propel the coin towards $200 in the near term.
However, failure to regain momentum would keep SOL under bearish pressure, potentially testing the crucial support at $126.75.
