- The crypto market has started the July 2nd week on a bearish note.
- Solana price has been trading within a closed range since mid-April, forming a resistance zone above $155.
- If the market holds the SOL price above the crucial support level of $127, bulls may regain momentum and target the resistance level of $155.
Despite concluding the previous week on a positive note, the cryptocurrency market has taken a bearish turn as the second week of July unfolds. The market leader, Bitcoin, has experienced a significant pullback, hovering close to the $56,000 range, while Solana (SOL) has mirrored this price action, recording a notable correction in its portfolio.
As price volatility intensifies in the crypto space, investors are left wondering whether the Solana price will stage a bullish reversal this week or succumb to further declines.
Solana Price Approaches Critical Support Zone
In the wake of the ongoing cross-border market correction, the Solana price has shed 4.61% of its value within the past 24 hours, accompanied by a trading volume of $2.265 billion, representing a 9.53% increase.
Moreover, SOL has plummeted by 10.48% over the past week and 18.90% in the last 30 days, highlighting the bearish pressure on the altcoin.
Solana’s price has been confined within a closed range since mid-April, indicating a weak price action for the altcoin in the crypto market. Additionally, SOL has formed a resistance zone above the $155 level, signaling a strong selling point at that threshold.
However, robust buying pressure has also emerged near the crucial support trendline around the $120 level, suggesting a high probability of a bullish reversal for the Solana price at that juncture.
The Moving Average Convergence Divergence (MACD) indicator displays a constant flatline in the price chart, indicating weak buying and selling pressure for the SOL cryptocurrency.
Furthermore, the averages show a neutral trend, suggesting uncertainty regarding future price action.
On the other hand, the 50-day Exponential Moving Average (EMA) consistently acts as a resistance to the Solana price chart on the 1-day time frame, while the 200-day EMA serves as a crucial support. This divergence points to mixed market sentiments for the altcoin.
