Solana

The post <a href="https://coinpedia.org/price-analysis/solana-price-displays-bearish-reversal-is-a-breakdown-imminent/">Solana Price Displays Bearish Reversal! Is A Breakdown Imminent?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
The crypto industry has started the month on a strong bearish note as major cryptocurrencies have lost significant value in their respective portfolios. Solana token after trading in a rising channel pattern for a brief period, has displayed a bearish trend reversal, indicating a bear power in the space. 
The <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana price</a> traded in a closed range between $99.70 and $108.18 for a brief period, following which the market volatility increased and the bulls attempted a breakout. 
However, the rally was short-lived as the price faced rejection at $116.95, after which it experienced a pullback within the range. After trading sideways for a while, the bulls lost momentum and recorded a correction of approximately 20% in valuation. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/lxxo9cfmIF8Tba0cZZJbV_On2tUV3D88UyUnQtKpCPIoCnvCLM5luPSe0RhTxi11btgRwKVTw6NLnYY5IVod5a3Wnayf53yqRuLfBsGJDEEA6-vil0iZC0oL-FqmqvdqxQ8y_xs_4RZFK1lWq7ry3Uw" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
 TradignView: SOL/USDT
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</figure> 
Following this, the Solana coin price constantly traded in a closed range between $90 and $99.70 for over two weeks, indicating a weak price action in the crypto space. After this, the Cross EMA 50/200 day recorded a Death Cross, resulting in the SOL token breaking down its crucial support level. 
However, the bulls held the price above the lower support level of $80.19, following which the price traded sideways for a while. After multiple attempts, the market regained momentum and gained 20% in value over the next few days. 
Recently, the SOL coin faced rejection at $108.18, resulting in it losing over 12.5% in valuation. 
<h2 class="wp-block-heading" id="h-will-sol-price-increase-again">Will SOL Price Increase Again?</h2> 
The technical indicator, MACD, displays a rising negative histogram, indicating a strong bearish influence in the market. Further, the averages show a massive drop in the chart, suggesting the price will continue losing value in the coming time. 
If the market holds the price above the support level of $90, the bulls will regain momentum and test its resistance level of $99.70. Moreover, if the market holds the price at that level, it will prepare to test its upper resistance level of $108.18 during the days ahead. 
Negatively, if the SOL token fails to hold the price above the important support level of $90, the bulls will lose momentum and fall to test its crucial support level of $80.19 this week. Further, if the price continues to trade under a bearish influence, it will plunge and prepare to test its lower support level of $71.98.

Solana Price Displays Bearish Reversal! Is A Breakdown Imminent?

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