At the time of writing, SOL is trading at $128.59, up 0.96% in the last 24 hours.
If the price manages to climb above $136 level, then it will likely test $151 resistance level.
On September 6, the Crypto Fear & Greed Index, which measures market sentiment, dropped to 22. Investor confidence has taken a clear nosedive, since the indicator has not hit “extreme fear” since mid-August. According to Arthur Hayes, the former CEO of BitMEX, Bitcoin may drop below $50,000. On Friday, Hayes came clean about his short bet.
The Solana ETF saga is concluded, meme coins have lost their allure, and altcoins are seeing a precipitous decline in value. After briefly testing the risky $122 region, the SOL price has now retreated and climbed all the way till $131 mark. The $111 level may have been retested had the bears persisted. Attempts to $151 may be revived if $136 can be transformed into support under the present circumstances. As expected, the outcome will also depend on how the price of Bitcoin performs.
General Pessimism Surrounding the Crypto Market
The price of Solana (SOL) has been moving in a range recently. It hit $122 overnight before recovering to $131 mark. The short-term future of Solana’s price is unclear since it is stuck in a vital support area, moving sideways.
Uncertainty around Bitcoin, a key player in the cryptocurrency market as a whole, has contributed significantly to the overall market dynamics, but the sideways trend has continued nonetheless. The general pessimism surrounding the crypto market is also keeping prices down.
At the time of writing, SOL is trading at $128.59, up 0.96% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 58.97%. If the price manages to climb above $136 level, then it will likely test $151 resistance level. However, if the bears drive the price below the recent support of $122 level, then the price will likely test $111 support level.
