The crypto markets are experiencing notable upward pressure as the bulls fail to defend the immediate support levels. As a result, the Solana price, which had risen above $200, dropped below the levels and is not able to reclaim the lost levels. The growing selling pressure is expected to push the levels lower in the next few hours, while a drop below $190 may trigger an FUD that could drain the levels below crucial support at $188.
In such a case, should you be bearish on the SOL price? Will the price lose its momentum and descend below $180?
Observing the daily chart of Solana, it is quite evident that the price has been constantly forming lower highs and lows. This suggests the bears have held enough dominance over the token and hence could eventually exert pressure at frequent intervals. Meanwhile, the Bulls are trying hard to defend the support at $195, reviving the hopes for a bullish reversal.
The daily chart of Solana appears to be bearish, as the technicals do not support a bullish narrative at the moment. The price continues to trade within a falling wedge and after facing a rejection from the resistance, a drop to the support seems to be imminent. However, one may not expect an extreme squeeze as a rebound at $190 or at $188 seems to be pre-programmed. The drop in the selling pressure seen in MACD substantiates the bullish claim, while the probable bearish crossover has activated a bearish target below $190.
Hence, the Solana price is believed to maintain a descending trend and eventually test the lower targets, which has been a strong demand zone. The token has triggered a strong rebound each time it tests these levels. Besides, the buying volume has failed to accumulate with a drop in buyers’ interest. Therefore, the liquidity may pour in after the price drops marginally below $190 which may help the token to revive a strong rebound.
Meanwhile, a rise above $200 and securing the levels at $210 may nullify the bearish impact, which may elevate the levels above the yearly highs at $225. This could be when the market participants could be bullish on the Solana (SOL) price and expect a new ATH in 2025.
