After climbing all the way till $153 level, Solana faced a strong pullback.
At the time of writing, SOL is trading at $136, down 4.04% in the last 24 hours.
The price of Solana is showing signs of a possible long-term negative trend, which may lead to a substantial decline in the next few days. Even if the current FUD (Fear, Uncertainty, and Doubt) trade seems to have ended, the token might be in a crucial position if the negative phase continues.
After climbing all the way till $153 level, Solana faced a strong pullback. The price dropped all the way till the $123 mark. However, SOL was able to recover and regained some of the losses to reach $144 level. The price yet again plummeted to trade at $136 level, at the time of writing.
Bears Dominance
Solana changed its positive trend soon after visiting the liquidity cluster at $153 on 2 July. Here we see how prices may deviate from the trend in shorter time periods, eliminating a liquidity pocket, before returning to the initial trend.
Optimism over Solana’s price rebound may have faded in the near run. Following a failed attempt to break below the critical $123 support level, Solana (SOL) prices have since retreated. Price stability has been achieved as a result of this bounce, which suggests that there is substantial buying demand at this support level.
Investors and traders are watching Solana closely as it passes through this highly volatile period. At the time of writing, SOL is trading at $136, down 4.04% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 18.14%.
If the price manages to climb above $144 level, then it will likely go all the way till $150 resistance level. However, if the bears push the price below $132 level, then it will likely retest $123 support level. Breaching this level will likely see price testing $118 critical support level.