Solana Price On The Verge Of A Breakout! Will SOL Price Reclaim $120 This Week?

The post Solana Price On The Verge Of A Breakout! Will SOL Price Reclaim $120 This Week? appeared first on Coinpedia Fintech News

Despite the increased market volatility, the Solana token continues to display a neutral trend, indicating a cool-off in the buying pressure for the coin in the market. Positively, the market sentiments have recorded a bullish sentiment, highlighting a high possibility of a bullish reversal soon.

The Solana token traded in a closed range between $90 and $100 for a short period, after which the market gained bullish influence and the price broke out of the range. The SOL price recorded a jump of over 29% in valuation, following which the coin faced rejection at $116.29.

TradingView: SOL/USDT

The price then traded sideways for a while, after which the bulls jumped 15% before facing rejection at $126.52. After this, the price was constantly trading under a bearish influence and experienced a correction of over 20%.

Solana token then traded sideways in a closed range between $100 and $106.79 for the next three days. The bulls attempted a breakout but the bears overpowered the bulls, resulting in a loss of approximately 25% in a span of one week.

Since then, the price has been trading in a consolidated range between $90 and $100.

Will Solana Price Go Up?

The Relative Strength Index (RSI) displays a bullish curve, suggesting an increase in the buying-over-selling pressure in the market. Further, the averages show a neutral trend, highlighting uncertainty in the future price action of the coin.

If the bulls hold the price above the support level of $100, the SOL price will test its resistance level of $106.79 soon. Maintaining the price at that level will set the stage for Solana to attempt to test its upper resistance level of $116.29 in the coming time.

Conversely, if the bears overpower the bulls, the Solana token will 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 $79.65 during the coming weeks.