The Solana token continues to show significant price action as it has managed to overtake BNB and rank fourth among the top 100 cryptocurrencies by market capitalization.

Moreover, SOL price continues to struggle to break above the critical resistance of $100, suggesting the presence of a strong liquidation point at this level.

There was a brief period of trading range-bound between $54.01 and $59.73 before the price turned up and broke out of the range. The rally was short-lived as the bulls were rejected at $65.90.

Since then, the price has been trading sideways between $59.73 and $65.90. As the market regained its momentum, bulls rallied by more than 33% before facing rejection at $79.65. Subsequently, SOL price has been trading in a comprehensive range between $65.90 and $79.65 for nearly two weeks.

During this period, the coin has seen a continuous rise and fall in value. After several attempts, the bulls recently broke through the $79.65 resistance level with a gain of over 39%.

However, the price failed to reach the target of $100. Since then, the price has been fluctuating between $90 and $100.

The Moving Average Convergence Divergence (MACD) shows a continuous decline in the histogram, indicating a decrease in buying pressure on the coin in the market. Moreover, the moving averages show a high probability of a bearish convergence, highlighting that the price may experience a sharp correction in the coming days.

SOL price will soon reach $100

If the bulls achieve the $100 price target, SOL price will continue to rise and be ready to test its overhead resistance at $105 in the coming week.

Conversely, if the bears overwhelm the bulls, the price will lose momentum and decline over the weekend to test the support at $90. Moreover, if the bears continue to dominate the market, it will plummet further and be ready to test its lower support at $79.95 in the coming days.

If the trend reverses, expect SOL to test the low $70s before the end of the year.

(Personal opinion, not a recommendation)

In the crypto industry, if you want to seize the next bull market opportunity, you need to have a high-quality circle so that everyone can keep each other warm and maintain insight. If you are alone, looking around and finding no one, it is actually very difficult to persist in this industry.

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