Solana’s price shows signs of an extended bearish trend, which may lead to an 8% decline in the coming days.
The SOL price is currently stuck within a descending triangle, and a rejection from $155 has hindered the ‘v-shaped’ recovery.
Despite the current bearish influence, Solana’s price remains under bullish control, with a potential rebound from the $120 support zone.
Solana’s price is currently exhibiting the potential for an extended bearish trend, which could result in a decline of more than 8% in the upcoming days.
While the recent FUD (Fear, Uncertainty, and Doubt) trade appears to have played out, a prolonged bearish phase may place the token in a critical position, even as bulls strive to maintain some dominance in the market.
A new bearish case has emerged in the cryptocurrency markets, causing the Solana price to plummet below $135, representing a loss of over 15% since the last trading day. As market participants anticipate a continued downward trend that could push the price below $100, the current trade set-up indicates that bulls have successfully captured key support levels.
Consequently, one final push towards support may position the SOL price in a decisive phase, presenting both bullish and bearish targets by the end of July 2024.
Solana Price Stuck in Descending Triangle, Faces Critical Juncture
The SOL price is currently confined within a descending triangle pattern, and the recent rejection from the $155 level has hampered the ‘v-shaped’ recovery that aimed to reach $175.
However, Solana’s price seems to have entered a decisive phase, suggesting that the token may either surge above $185 and target levels above $200 or decline towards $120, with a failure to hold potentially leading to a drop below $100.
At present, the SOL price is expected to maintain a steep descending trend, which may drag the levels into the key support zone between $124.75 and $119.80. The Relative Strength Index (RSI) is currently bearish, and the Moving Average Convergence Divergence (MACD) indicator is on the verge of a bearish crossover.
Therefore, a drop to these levels may be imminent, and as the support coincides with the 0.5 Fibonacci retracement level, a rebound may be triggered. However, if the price fails to sustain at these levels, it could slip below $100, piercing through a fragile resistance at $105.