Convergence

Solana

Resistance

Divergence

<p>Amid ongoing geopolitical tensions, the cryptocurrency market has recorded a significant correction in valuation this week. Moreover, top tokens have experienced a pullback toward their important support levels, indicating increased bearish sentiment in the crypto space.</p>   
<p>Following this, Solana price has experienced a similar price action by facing a strong rejection at its resistance level of $155. Reportedly, this is the 3rd such recorded rejection within a span of 42 days. Will SOL price make a comeback this Uptober or will retest its crucial support level again?</p>   
<h2 class="wp-block-heading" id="h-sol-price-fails-to-break-its-crucial-resistance-zone">SOL Price Fails To Break Its Crucial Resistance Zone:</h2>   
<p>The Solana price has dropped 1.73% in the past 24 hours with a trading volume of $2.78 billion. Moreover, it has plunged over 11.86% over the past week. This indicates an increase in the bearish sentiment in the crypto space.</p>   
<figure class="wp-block-image size-large">
 <img src="https://image.coinpedia.org/wp-content/uploads/2024/10/04140832/image-45-1024x539.png" alt="Solana Price Analysis 04th October 2024" class="wp-image-360056">
 <figcaption class="wp-element-caption">
  TradingView: SOL/USDT
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</figure>   
<p>Notably, the 5th largest cryptocurrency by market cap has repeatedly faced rejection around the psychological resistance level of $155 since August. This highlights a strong liquidation point for the crypto project around that level. With a trading value of $139.27, it is on the path of potentially retesting its crucial support trendline.</p>   
<h2 class="wp-block-heading" id="h-solana-crypto-technical-sentiments">Solana Crypto Technical Sentiments</h2>   
<p>The Moving Average Convergence Divergence (MACD) displays a rising red histogram with its averages showing a bearish convergence in the 1D time frame. This suggests a negative outlook for the altcoin this week.</p>   
<p>Further, the EMA 50/200-day shows a high possibility of a Death Cross in the SOL price chart, highlighting a weak buying-over-selling pressure for it in the market.</p>   
<h2 class="wp-block-heading" id="h-will-sol-price-go-up-in-2024">Will SOL Price Go Up In 2024?</h2>   
<p>If the cryptocurrency market experiences a bullish reversal, the Solana crypto could retest its resistance level of $155 during the upcoming week. Moreover, if the market favors the bulls, in that case, it could prepare to head toward its crucial resistance zone above the $181 mark.</p>   
<p>Conversely, if the bears continue dominating the crypto space, this could result in the price of the SOL token plunging toward its crucial support trendline of $127 this month.</p>   
<p>Concerned about your Solana’s returns in the future? Read our <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" target="_blank" rel="noreferrer noopener">Solana Price Prediction</a> to uncover the future mysteries!</p>

Solana Price Analysis: $200 Target Fades As SOL Price Faces Rejection?

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