Solana

Verge

The post <a href="https://coinpedia.org/price-analysis/solana-price-on-the-verge-of-a-breakout-will-sol-price-reclaim-120-this-week/" rel="noopener noreferrer nofollow">Solana Price On The Verge Of A Breakout! Will SOL Price Reclaim $120 This Week?</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Despite the increased market volatility, the Solana token continues to display a neutral trend, indicating a cool-off in the buying pressure for the coin in the market. Positively, the market sentiments have recorded a bullish sentiment, highlighting a high possibility of a bullish reversal soon.
The Solana token traded in a closed range between $90 and $100 for a short period, after which the market gained bullish influence and the price broke out of the range. The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price</a> recorded a jump of over 29% in valuation, following which the coin faced rejection at $116.29.
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/F1z4edkLcJMAg82JZ5t06fQoRK8lSe8U6SO9ZNll1-bP3NAXp8f2l7o1a6wqq68GyWoUWuUgL92PyiiX1JazbssETYHfN52rvnf31i27li_0gk--v0vVVYzOpTJbNhjYTsKA5f_HEHnvcuuJZ19_HT8" alt="Solana Price Analysis">
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 TradingView: SOL/USDT
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</figure>
The price then traded sideways for a while, after which the bulls jumped 15% before facing rejection at $126.52. After this, the price was constantly trading under a bearish influence and experienced a correction of over 20%.
Solana token then traded sideways in a closed range between $100 and $106.79 for the next three days. The bulls attempted a breakout but the bears overpowered the bulls, resulting in a loss of approximately 25% in a span of one week.
Since then, the price has been trading in a consolidated range between $90 and $100.
<h2 class="wp-block-heading" id="h-will-solana-price-go-up">Will Solana Price Go Up?</h2>
The Relative Strength Index (RSI) displays a bullish curve, suggesting an increase in the buying-over-selling pressure in the market. Further, the averages show a neutral trend, highlighting uncertainty in the future price action of the coin.
If the bulls hold the price above the support level of $100, the SOL price will test its resistance level of $106.79 soon. Maintaining the price at that level will set the stage for Solana to attempt to test its upper resistance level of $116.29 in the coming time.
Conversely, if the bears overpower the bulls, the Solana token will lose momentum and fall to test its support level of $90. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $79.65 during the coming weeks.

Solana Price On The Verge Of A Breakout! Will SOL Price Reclaim $120 This Week?

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