The Solana token continues to show significant price action, having managed to surpass Binance Coin and take the fourth spot among the top 100 cryptocurrencies by market cap.

Moreover, SOL price continues to struggle to break above the critical resistance of $100, suggesting the presence of a strong liquidation point at this level.

The Solana token briefly traded in a range between $54.01 and $59.73 before the price increased and broke out of the range. The rally was short-lived as the bulls encountered rejection at $65.90.

Since then, the price has been trading sideways between $59.73 and $65.90. As the market regained its momentum, bulls rallied by more than 33% before facing rejection at $79.65. Subsequently, SOL price has been trading in a comprehensive range between $65.90 and $79.65 for nearly two weeks.

During this period, the coin has seen a continuous rise and fall in value. After several attempts, the bulls recently broke through the $79.65 resistance level with a gain of over 39%.

However, the price failed to reach the target price of $100. Since then, the price has been fluctuating between $90 and $100.

The Moving Average Convergence Divergence (MACD) shows a continuous decline in the histogram, indicating a decrease in buying pressure on the coin in the market. Moreover, the moving averages show a high probability of a bearish convergence, highlighting that the price may experience a sharp correction in the coming days.

Will SOL price reach $100 soon?

If the bulls reach their target price of $100, the SOL price will continue to rise and be ready to test its overhead resistance at $105 in the coming week.

Conversely, if the bears overwhelm the bulls, the price will lose momentum and decline over the weekend to test the support at $90. Moreover, if the bears continue to dominate the market, it will plummet further and be ready to test its lower support at $79.95 in the coming days.

If the trend reverses, Solana price is expected to test lows of $70 before the end of the year.