The post Solana Is Approaching a Tipping Point: Will It Rebound or Fall Below the $100 Mark? appeared first on Coinpedia Fintech News
As the markets enter the final weeks of the quarter, the tokens appear to have become more volatile. The popular ones, including Bitcoin, Ethereum, Solana, etc., have dropped, due to which the historical pattern of the month being bearish is expected to repeat another time. Meanwhile, the bearish forces are about to exert enough pressure over the Solana (SOL) price rally that may eventually drag the levels close to $100.
The latest pullback appears to have caused more harm to the SOL price rally as the bears comfortably & successfully breached the pivotal support. Although the token seems to have found a strong base to trigger a rebound, the bearish forces have not laid down. Therefore, the next couple of hours are extremely important for the token as a small bearish pullback may drop the levels it traded during the start of the year.
The SOL price has lost the support that it held since the start of the year. Although a similar plunge had occurred before, it remained only the wick of the candle, while the current chart displays a couple of candles being printed below the support of the ascending triangle. The MACD displays a growing bearish action as enormous selling pressure has engulfed the SOL price rally. The levels remaining within the negative range could validate the growing bearish pressure over the token.
Meanwhile, the RSI displays the possibility of a bullish divergence before reaching the lower threshold. Therefore, the Solana price is believed to trigger a rebound and in case of a bearish continuation, the levels between $121.43 and $125.56 may offer a strong base. Hence, the price does not appear to be under threat of losing $100 as of now, but if the bulls fail to defend the local support zone, a drop to the next support at $97.63 may be imminent.