Will Solana Bulls Win the Combat Against Opposing Bears?

• Solana began to show bearish candles in the last 24 hours experiencing a price dip. 
• The altcoin’s daily trading volume showed an increase of 34.35% according to CMC data.

The second-largest altcoin, Solana, has experienced a price dip in the last 24 hours. With prices having declined by 5.40% Solana reverted to its previous support level at $134 on Friday. This price movement occurred amidst the overall crypto market showing a decline in market cap by 1.41%. 

In the last 24 hours, Solana’s price initially showed a price increase and hit an intraday high of $146 momentarily. However, as the bears took over, the token showed a downward trajectory and slid down to current trading levels. Meanwhile, the SOL daily trading volume showed a hike of  34.35%. At the time of writing, Solana is currently trading at $135.70 according to CMC data. 

Zooming out, over the past week, Solana has shown significant signs of price recovery. The token’s weekly price performance shows a 5.91% increase indicating the bulls’ attempt to make a comeback. After the recent market crash at the beginning of July, the token indicates price recovery signals. 

SOL/USDT Daily Price Chart (Source: TradingView)

Moreover, the recent price drop signaled a selling pressure in the token as highlighted by its RSI standing at 45.76. Moreover, the past day price dip caused an MA crossover, indicating a bearish trend. Presently, the long-term 21-day MA stands above the short-term 9-day MA as per TradingView reports. 

Where is Solana Price Headed in H2 2024? 

The altcoin finds itself in a bull-bear combat with prices consolidating at previous support levels. In order for the Solana price to witness a bullish rally, the token has to break its resistance at $142.37. The second resistance level for SOL would be at the $150.47 level. 

However, if the bears win the combat the token will fall to a support level of $134.58. In the instance of a continuing price dip, the token’s second support level would be at $128.66.

Meanwhile, market analysts continue to hold an optimistic outlook towards the token’s price in the coming months. TheNewsCrypto analysts have predicted a bullish price of $343.64 for Solana in 2024. 

Finally, as the market still combats to overcome the July price dip, leading cryptocurrencies have shown increased liquidations. Notably, Ethereum has surpassed Bitcoin in liquidations. 

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