Convergence

Solana

Divergence

<ul>
 <li>Solana’s price shows signs of an extended bearish trend, which may lead to an 8% decline in the coming days.</li>
 <li>The SOL price is currently stuck within a descending triangle, and a rejection from $155 has hindered the ‘v-shaped’ recovery.</li>
 <li>Despite the current bearish influence, Solana’s price remains under bullish control, with a potential rebound from the $120 support zone.</li>
</ul>
<a href="https://thenewscrypto.com/?s=Solana" target="_blank" rel="noopener noreferrer nofollow">Solana’s</a> price is currently exhibiting the potential for an extended bearish trend, which could result in a decline of more than 8% in the upcoming days.
While the recent FUD (Fear, Uncertainty, and Doubt) trade appears to have played out, a prolonged bearish phase may place the token in a critical position, even as bulls strive to maintain some dominance in the market.
A new bearish case has emerged in the cryptocurrency markets, causing the Solana price to plummet below $135, representing a loss of over 15% since the last trading day. As market participants anticipate a continued downward trend that could push the price below $100, the current trade set-up indicates that bulls have successfully captured key support levels.
Consequently, one final push towards support may position the <a href="https://thenewscrypto.com/?s=SOL" target="_blank" rel="noopener noreferrer nofollow">SOL </a>price in a decisive phase, presenting both bullish and bearish targets by the end of July 2024.
<h2 class="wp-block-heading" id="h-solana-price-stuck-in-descending-triangle-faces-critical-juncture">Solana Price Stuck in Descending Triangle, Faces Critical Juncture</h2>
The SOL price is currently confined within a descending triangle pattern, and the recent rejection from the $155 level has hampered the ‘v-shaped’ recovery that aimed to reach $175.
However, Solana’s price seems to have entered a decisive phase, suggesting that the token may either surge above $185 and target levels above $200 or decline towards $120, with a failure to hold potentially leading to a drop below $100.
At present, the SOL price is expected to maintain a steep descending trend, which may drag the levels into the key support zone between $124.75 and $119.80. The Relative Strength Index (RSI) is currently bearish, and the Moving Average Convergence Divergence (MACD) indicator is on the verge of a bearish crossover.
Therefore, a drop to these levels may be imminent, and as the support coincides with the 0.5 Fibonacci retracement level, a rebound may be triggered. However, if the price fails to sustain at these levels, it could slip below $100, piercing through a fragile resistance at $105.

Solana (SOL) Price Faces Decisive Phase as Bears Threaten $100 Level

목차

TheNewsCrypto

2024년 7월 4일에 게재된 다른 기사

Trump or Biden? Who’s better for crypto regulations? Novogratz says…

Concord developers defend PSN requirement while revealing monetization details

Ubisoft confirms Watch Dogs movie filming has begun

PEPE, FET See Sharp Growth In Adoption: Rally Soon?

Fourth Of July Is All About Freedom And So Is Bitcoin For Many Americans In Love With King Crypto

Beginner Bitcoin Investors Increasing Selling Pressure

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!