The cryptocurrency market started the week with a strong bearish momentum, causing top coins to see a sharp correction in their respective portfolios. Moreover, the market leader Bitcoin price failed to maintain its value above $66,000 following the market correction.

On the other hand, Solana’s price has fallen by about 7.13% in the past 24 hours, with a volume change of +153.44%. Moreover, it has fallen by about 10% since the start of the week, highlighting the negative price action of altcoins this week. With the question “Will Solana rise again?”, are you planning to invest but worried about the future prospects of Solana cryptocurrency? In this article, we cover the market sentiment and price analysis of Solana (SOL) token.

SOL coin forms a bearish price pattern:

The SOL price has been trading under a bearish influence for about a month, causing it to form a descending channel pattern on the 1D timeframe. Furthermore, the altcoin continues to trade within this range and suggests a high probability of testing its support trendline.

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During this period, the SOL token lost around $20 billion in market capitalization, causing it to drop to fifth place on the cryptocurrency market rankings.

Additionally, the drop also created a huge $24 billion gap in the valuation of Binance Coin (BNB), which is currently the fourth most valuable cryptocurrency in the world.

Solana Crypto Market Sentiment:

The 50-day EMA formed resistance on the price chart, indicating an increase in bearish sentiment. However, the 200-day EMA supported the price on the 1D timeframe, highlighting the mixed sentiment in the cryptocurrency market.

The Moving Average Convergence Divergence (MACD) shows a constant red histogram in its chart, with its average showing a steady downward trend. This indicates a weak bullish sentiment for the SOL token price.

Is the SOL price bullish or bearish?

If the market sustains the Solana price above the critical support at $127, the bulls will regain momentum and test its resistance at $155.

Moreover, if there is a bullish move in the market, the SOL token will break out of its resistance trendline and move towards its overhead resistance at $181.50 in the coming period.

Conversely, if the bears continue to control the bulls, the Solana cryptocurrency will break above its trendline and critical support at $127 and be ready to test its lower levels of $100 in the coming weeks.