Will SOL Price Retest $125?
Despite the increased price volatility in the cryptocurrency market, the SOL coin price remains under bearish pressure. The altcoin repeatedly fails to break through its resistance zone, signaling weak price action.
Since the market correction in mid-April, Solana has been trading in a consolidated range between $126.75 and $180.75, marking a strong liquidation point for the altcoin.
SOL Coin Price Struggles with Resistance:
The SOL coin price has been unable to retest its key resistance level of $180.75, resulting in a 1.72% drop within the past day and a 12.87% decline over the past week, reflecting increased bearish sentiment.
Solana Price Analysis:
TradingView: SOL/USDT
The SMA technical indicator acts as resistance on the 1D time frame, suggesting heightened negative influence for the altcoin. The Relative Strength Index (RSI) shows a bullish curve above the oversold range, indicating potential price action improvement. However, the average is nearing the mid-point, suggesting mixed sentiment.
Will Solana Price Rebound This Month?
If the market turns bullish, SOL could regain momentum and test the $155.25 resistance level by the upcoming weekend. If the bulls surpass this resistance zone, the altcoin could reach $200 this month. However, if the bulls fail to gain traction, the SOL coin price will likely remain under bearish influence and test its crucial support level of $126.75.
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