Despite increased price volatility in the cryptocurrency market, the SOL coin price continues to trade under a bearish influence. Moreover, the altcoin repeatedly fails to break out of the resistance zone, indicating a weak price action for the altcoin.
Since the cross-market correction during mid-April, the Solana price has been constantly trading in a consolidated range between $126.75 and $180.75, highlighting a strong liquidation point for the altcoin in the crypto space.
SOL Coin Price Fails To Break Out Of Its Resistance Zone:
The SOL coin price failed to retest its important resistance level of $180.75, resulting in the SOL crypto recording a correction of 1.72% within the past day and 12.87% over the past week, highlighting increased bearish sentiment in the crypto space.
The technical indicator SMA acts as a resistance to the price chart in the 1D time frame, suggesting an increase in the negative influence for the altcoin in the crypto space.
The Relative Strength Index (RSI) displays a bullish curve above the oversold range, indicating an increase in the price action for the Solana price in the crypto market. Conversely, the average is on the verge of dropping below the mid-point, suggesting a mixed sentiment for the altcoin.
Will Solana Price Bounce Back This Month?
If the market favors the bulls, the SOL crypto will regain momentum and test its resistance level of $155.25 by the upcoming weekend. Furthermore, if the bulls successfully surpass their resistance zone, the altcoin will head towards its upper high of $200 this month.
However, if the bulls fail to regain momentum, the SOL coin price will continue trading under a bearish influence and prepare to test its crucial support level of $126.75 in the coming time.
