Solana Price Continues To Battle With Bears! Will SOL Price Conclude The Month Positively?

The post Solana Price Continues To Battle With Bears! Will SOL Price Conclude The Month Positively? appeared first on Coinpedia Fintech News

The Solana price continues it struggle to hold the price above the key resistance level of $70 as the coin repeatedly experienced a pullback in value. Moreover, the SOL token has experienced a correction of over 4% in value, highlighting a reduced buying pressure in the market.

The SOL price displayed massive volatility for over a week as the price constantly bounced between $51.32 and $62.81. Following this, the bulls lost momentum, and the price traded in a closed range between $54.01 and $59.73 for a while.

TradingView: SOL/USDT

The bulls gained momentum, but the rally was short-lived as the price faced rejection at $62.81. After this, the price traded in a narrow space between $59.73 and $62.81 for a while, after which the bulls attempted to break out of the resistance level but faced rejection at $65.90.

Following this, the price was pulled back into the range. After multiple attempts, the coin broke out of the range and jumped over 17% before facing rejection at $77.500.

Since then, the price has displayed massive price volatility in the chart. Currently, the price is on the verge of testing its important support level at $70, of which the outcome is unpredictable.

Will Sol Price Rise Back Up?

The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating a higher selling-over-buying pressure in the market. Further, the averages show a constant decline in the chart, suggesting the price will continue losing momentum in the coming time.

If the bulls hold the price above the support level of $70, it will regain momentum and prepare to test its resistance level of $75 soon. Further, if the market holds the price at that level, the Solana token will attempt to test its upper resistance level of $79.65 this month.

Negatively, if the bears overpower the bulls, the price will lose momentum and fall to test its support level of $65.90 this week. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $62.81 in the coming days.