$SOL price prediction: Is $130 the next target as SOL fails to reclaim $155? - AMBCrypto Analytics

SOL was below the $150 mark again and the bearish hurdles were getting bigger. The breakout past $160 was expected to yield a move to the range highs at $190, with sentiment also turning bullish last week. This did not last. BTC bulls were rejected at the $62.5k resistance zone. The king of crypto’s pullback saw Solana follow in its footsteps, and this journey likely has another leg southward.

Solana traded within a 3-month-old range that extended from $122 to $186. The mid-range level at $154 had confluence with the 50% Fibonacci retracement level, plotted based on the rally in February and March. These levels were still pertinent, with the 78.6% level coinciding with the range lows. The buyers’ failure to defend the mid-range support over the weekend meant the short-term bias was bearish again. The OBV bounced from the June lows, showing some bullish strength. However, the MACD formed a bearish crossover and fell below the zero line. The momentum was firmly bearish and the demand was not high enough to repel them.