Solana (SOL) has been experiencing a wild week of volatility, with both gains and losses. On Wednesday, SOL fell by 8.53% and is now trading just above its 20-day simple moving average at $140.74. Thursday’s decline was even more pronounced, with the price falling by more than 9% and falling below its 20-day and 200-day simple moving averages to $127.07. On Friday, SOL faced significant selling pressure as sellers pushed the price down to a daily low of $121. However, as lower levels of support gradually strengthened, buyers emerged and successfully reversed the price action, with SOL rising from $121 to $134.40. Despite the rebound, it failed to break above its 200-day simple moving average.
On Saturday, bullish sentiment continued to drive SOL up by more than 6%, climbing back above its 20-day and 200-day simple moving averages, with the price reaching $143. However, on Sunday, SOL fell again, losing 7.99% to close at $131.66. At the current trading stage, SOL is trading at $131, with buyers and sellers fighting for control of the market.
Future SOL price movements may be affected by several factors. Strong support is at $120, a key level that has been tested several times in the past, and bulls may seek to defend this level. A break below this support level could see prices fall further to around $100.
On the other hand, if buyers are able to push SOL prices higher, they may encounter selling pressure around $140, as the 20-day and 200-day simple moving averages converge here.
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