Solana is striving to reach $200 - Will the SOL price drop below $190 or rebound strongly to $210?
The expected increasing selling pressure is likely to push this level down in the coming hours, and a drop below $190 may trigger FUD, potentially dragging the price below the critical support level of $188.
In this scenario, should you be bearish on the SOL price? Will the price lose momentum and drop below $180?
Looking at Solana's daily chart, it is clear that the price has been consistently forming lower highs and lower lows. This indicates that bears have sufficient dominance over the token, potentially applying pressure frequently. Meanwhile, bulls are struggling to defend the $195 support level, reigniting hopes for a bullish reversal.
The daily chart of Solana appears bearish, as the technicals currently do not support a bullish narrative. The price continues to trade within a descending wedge, and a drop to the support level seems imminent after facing rejection at resistance levels. However, extreme squeezes may not be expected, as a rebound to $190 or $188 seems preordained. The decline in selling pressure in the MACD confirms the bullish narrative, while a possible bearish cross has activated bearish targets below $190.
Thus, Solana's price is expected to maintain a downtrend and ultimately test lower targets, which is a strong demand area. Each time these levels are tested, the token triggers a strong rebound. Additionally, as buyer interest wanes, buying volume has failed to accumulate. Therefore, after the price slightly dips below $190, liquidity may flood in, which could help the token recover with a strong rebound.
Meanwhile, if the price breaks above $200 and stabilizes at the $210 level, it could offset bearish effects and potentially push the price above the annual high of $225.
