What’s Next For SOL Price?

Bears currently have the upper hand on the price chart, with sellers aiming to hold the price below the crucial support level in the upcoming hours. However, buyers are putting up a strong fight to prevent a drop below the immediate Fibonacci level. At the time of writing, the SOL price stands at $102, marking a decrease of over 6.2% from the previous day’s price.

Should the price not manage to rise above the $103 support line, the next support level is found around the $93 mark. If this level is compromised, SOL’s price might fall to a crucial support level at $80. A robust recovery from $80 could send the price towards the 20-day Exponential Moving Average (EMA). Crossing this level could result in the price consolidating between $108 and $80.

For bulls to maintain their dominance, they need to ensure the price remains above $100. Achieving this could set the stage for targeting the subsequent significant resistance level at EMA20 and then the $116 mark.

Recently, the long/short ratio for Solana has decreased, now at 0.7562, with 57% of total positions anticipating a drop in its price.

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