Solana eyes $120: Will THIS be $SOL price catalyst? - AMBCrypto Analytics

Solana [SOL] was trading in a higher timeframe bear pennant, and analysts believed the prices would consolidate within a tight range over the next 4–6 weeks. This expectation appeared to be playing out. Once again, the token was headed toward the range lows, but a short-term price bounce could be possible. A Bitcoin [BTC] liquidity run was anticipated in the short term and could aid the SOL bulls. The range formation from $122-$187 was still in play, and the lows of the range were not yet breached. The OBV has been in a steady decline over the past ten days to indicate heavy selling pressure.

Solana had lost 21.7% from the 25th of August but has begun Monday well and was up by 2.58% at press time. Yet, the OBV being near the local lows was a worrying sign that SOL bulls lacked strength. The RSI was also at 38 on the daily chart to indicate downward momentum was superior. A revisit to the $120 region would likely present a buying opportunity, but traders and investors have to be careful. A much deeper price correction could be brewing.