The Solana token continues its struggle to reclaim the $100 mark since the month started, indicating a rise in the bearish influence in the market. Further, the SOL price has lost over 2% within the past 24 hours, highlighting a weak price action for the coin.
The Solana price entered 2024 by trading between $100 and $108.18 in a closed space. As the market volatility grew, the bulls broke out of the resistance level. However, the rally was short-lived as the price faced rejection at $117.
Following this, the price lost momentum, and the bears pulled back the price within the range. The bulls struggled to hold the price above the support level of $100, resulting in a price breakdown. After this, the price traded in a consolidated range between $90 and $100 for over two weeks.
During this time, the bulls made multiple attempts to break out, indicating a strong bearish influence in the market. After multiple attempts, the bulls lost momentum and recorded a valuation correction of approximately 15%. As the market regained momentum, the bulls started trading under a bullish influence.
The Solana price added 32.5% in value before facing a rejection of just under $108.18. Following this, the Sol price lost momentum and erased all its gains from the pump. Since then, the price has been trading between $90 and $100, indicating weak price sentiment for the coin.
Will SOL Price Rise Back Up?
The technical indicator, RSI, displays a rise in the chart, suggesting an increase in the price action. Moreover, the averages show a high possibility of a bullish convergence, highlighting a massive price action underway for the coin in the coming days.
If the market gains momentum and pushes the price above the $100 mark, the Solana price will regain momentum and rise to test its upper resistance level of $108.18. Further, if the market holds the price at that level, it will prepare to test its upper limit of $117 this month.
Negatively, if the bears overpowered the bulls, the price would lose momentum and fall to test its support level of $90. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $80.19 in the coming time.
