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The post <a href="https://coinpedia.org/price-analysis/solana-bear-cycle-warns-8-fall-while-buyers-hope-for-a-47-double-bottom-reversal/" rel="noopener noreferrer nofollow">Solana Bear Cycle Warns 8% Fall, While Buyers Hope for a 47% Double Bottom Reversal!</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Amid the broader market mood swings, the Solana price slides down a bearish slope as it loses grip over $150. With increasing supply pressure, the last six days are painted red, and the downside risk increases.&nbsp;&nbsp;
Will Solana commence a recovery in a bearish market to achieve its target of $500? This analysis decodes the same!
<h2 class="wp-block-heading" id="h-solana-price-performance">Solana Price Performance</h2>
With a six-day bearish streak, the Solana price has dropped by 13.76%. Currently, the SOL token is trading at $138.64. Further, the bearish trend breaks below the 200-day EMA, and a death cross is imminent with the increased influence over the 50-day EMA.
<figure class="wp-block-image"><img decoding="async" width="1600" height="764" src="https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572.png" alt="SOL Price Analysis 30th Aug 2024" class="wp-image-344729" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572.png 1600w, https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572-300x143.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572-1024x489.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572-768x367.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572-1536x733.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/30130100/image-572-150x72.png 150w" sizes="(max-width: 1600px) 100vw, 1600px">
</figure>
Solana’s bullish momentum has weakened as it lost its holds over the 150-day EMA, indicating a possible double-top reversal. With the peaks formed near $165, the neckline stands at $135.&nbsp;
A breakdown could possibly push the crypto price to the $128 support level, thereby opening up buying opportunities. The bearish reversal nullifies last week’s 11.61% gain, forming a bearish engulfing candle on the weekly chart. In August, Solana dropped 19.35% and has been consolidating within March’s mother candle, fluctuating between $125 to $209.
Technical Indicators:
RSI: The daily RSI line shows a sideways continuation between the oversold boundary at 30% and halfway with minor fluctuations overhead. With the potential drop coming to $128, the RSI line is expected to give a bullish divergence.&nbsp;
DMI: The uptick in the ADX line following the bullish crossover of the VI lines bolsters Solana’s breakout chances.&nbsp;
<h2 class="wp-block-heading" id="h-will-the-sol-price-hit-128">Will The SOL Price Hit $128?</h2>
As the streak of red candles continues in the daily chart, the overall sentiment for Solana remains highly bearish. The next support levels following the $128 are present at $115 and the $100 psychological mark.&nbsp;
On the flip side, the 50-day EMA near the $150 psychological mark and the $165 peak remain crucial resistances. Considering that Solana’s price managed to surpass the $165 peak with a broader market recovery, the next challenge for Solana is to surpass the $182 resistance zone.
Read our <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL) Price Prediction</a> to learn about its future price targets

Solana Bear Cycle Warns 8% Fall, While Buyers Hope for a 47% Double Bottom Reversal!

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