The post Solana Bears Get Activated: Aim to Drag the SOL Price Below $137—Here’s What’s Next! appeared first on Coinpedia Fintech News
After the recent upswing, the Solana price was speculated to rise high and reach levels above $170. Although the volume remained within a restricted range, the bulls held a large dominance and strength, which elevated the levels beyond $160. However, the latest bearish action has altered the bullish trade setup, as the bears intend to drag the levels back to their initial position below $140.
Will the SOL price test the pivotal support at $133? Has the bear outpowered the bullish strength?
The Solana price has maintained a consolidated trend since the start and has displayed its strength in times of bearish interference. The lower support at $120 has been defended multiple times; hence, a bullish continuation remains imminent. However, the technicals suggest the token may fall into a prolonged consolation within a narrow range, which may delay the possibility of rising above $160 for some time.
The bulls have jumped in, seeing the SOL price in distress and are trying to stabilize a rebound, but the drop in strength has prevented them from doing so. The on-balance volume (OBV) continues to drop, indicating the levels seem to be heading towards the lower support, validating the continuation of a descending trend. Besides, the RSI has triggered a bullish rebound, which may support the bullish narrative only if the price rises and closes the day’s trade above $148.
Collectively, the Solana price rally remains misty at the moment, as the bulls and the bears are exerting equal pressure. Therefore, the Solana price is required to hold above the support at $140 throughout the day, which may delay the bearish actions. However, a rise above $150 is also expected to alert the bears, who may wait till the levels soar above $160 to $165 to begin bearish price action. Hence, the SOL price rally remains unclear, as it carries both the possibility of a bullish reversal and a bearish continuation.