The cryptocurrency market is consolidating once again as the bulls are facing enough resistance since the last trading day. Moreover, the bulls are also showing some weakness which is expected to hinder the progress of future rallies. The recent pullback of Solana from the key resistance level more or less confirms the bearish view on the coin, while if the bulls hold these levels, they also have a chance to prevent the price from falling too much.

A ton of positive news has had a huge impact on the market, however, a few FUDs have derailed the increasing buying pressure all at once. Despite seeing a massive rally of over 20% to 30% since May, Solana’s price remains in a bearish mode, which is a concern right now. Bulls are keeping the price range-bound, but a small drop below this level could result in a 20% price crash by the end of this week.

That being said, is now a good time to sell Solana? Will SOL price drop to $120? SOL price has shown significant volatility over the past few weeks, but the trend remains within a bearish descending triangle. Furthermore, the recent pullback from resistance all but confirmed the beginning of a pullback. The drop in buying volumes could further lead to a bearish MACD crossover, forcing the price below the support zone currently located between $152 and $158.​

On the other hand, despite the increasing upward pressure on the coin, the Ichimoku cloud shows a strong possibility of a bullish crossover. Both the Leading Span A and B are parallel, which suggests that the divergence may occur in the direction of the triggering volume. Therefore, if the bulls gain some strength and manage to break above $162, the bullish crossover may validate the upside bearish pattern. Otherwise, a break below $155 may raise alarms and a further drop below $150 may validate a new pullback.

This bearish move could pull the price down to near $125, which is the support level of the descending triangle. If the bulls do not show strength, which is unlikely, a strong bearish move could pull the price down below the 3-digit range. Conversely, a bounce could keep Solana (SOL) price inside a range and could further attempt a bullish reversal in the coming days. Regardless of the bearish scenario, the long-term outlook is bullish, so selling Solana might not be a good idea.

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