Decoding, The Next Possible Outcome In Solana Price

Aug 2

Indeed, the giant-Solana had a robust fundamental, with strong community interest, but the price has been struggling at a specific supply.

The last experienced a more than 1000% surge from $18 on September 2023 to $209 by March 2024. Despite the various attempts of bears, the SOL had a robust demand area of $120, and over time, it showed its robustness and remained intact.

Over the larger frame, the price structure had earlier displayed a descending triangle breakout with a breach of the dynamic falling trendline from July 13th, 2024. But, this pattern was on the brink of getting nullified as the price showed uncertainty by declining up to critical support at the $160 mark and coinciding 50-day EMA band.

The level has become a deciding factor for the pattern's usefulness; once it rebounds successfully, then the highs could be attained. But, on the contrary scenario, if $160 happens to be breached below with increased bear dominance, the price could hit lows.

The Indicators showcased that the price has been above 50-day, and 20-day EMA bands. The fall has built a bearish cross above the zero line, where the histogram was at negative 1.99.

Meanwhile, the RSI has breached the median line, which flashed at 48.35. The overall indicators depict the bearish dominance increasing, where bulls are mildly conscious, supporting the price to be sustained. Thus, it brings uncertainty in SOL prices. Investors and traders should stay cautious (DYOR).

Therefore, if bearishness exceeds, then bears could eye support at $145 and $135. However, the resistance for the flip conditions is at $175 and $190.