- Solana (SOL) coin price continues to trade under bearish pressure, struggling to break out of its resistance zone.
- The altcoin has recorded a 1.72% correction within the past day and a 12.87% decline over the past week.
- The SOL coin price’s ability to recover and test its resistance level of $155.25 in the coming weeks will depend on market conditions and the strength of the bulls.
The Solana (SOL) coin price continues to trade under bearish pressure, despite the increased price volatility observed in the broader cryptocurrency market. The altcoin has repeatedly failed to break out of its resistance zone, indicating a weak price action and a lack of bullish momentum.
Since the cross-market correction that occurred in mid-April, the Solana price has been consistently trading within a consolidated range, confined between $126.75 and $180.75, highlighting a strong liquidation point for the altcoin within the crypto space.
Solana Price Encounters Resistance at Key Level
The SOL coin price has been unable to retest its critical resistance level of $180.75, resulting in the SOL crypto recording a correction.
The Simple Moving Average (SMA) technical indicator is acting as a resistance to the price chart on the 1-day time frame, suggesting an increase in the negative influence on the altcoin within the crypto space.
The Relative Strength Index (RSI) is displaying a bullish curve above the oversold range, indicating a potential increase in price action for the Solana price in the crypto market. However, the RSI average is on the verge of dropping below the mid-point, suggesting a mixed sentiment for the altcoin.
If market conditions favor the bulls, Solana could retest $155.25 by the weekend. Moreover, if the bulls successfully surpass the resistance zone, the altcoin could potentially target its upper high of $200 within the current month.
On the other hand, if the bulls fail to regain their footing, the SOL coin price will likely continue trading under bearish influence and may prepare to test its crucial support level of $126.75 in the near future.
