The Solana price continues it struggle to hold the price above the key resistance level of $70 as the coin repeatedly experienced a pullback in value. Moreover, the SOL token has experienced a correction of over 4% in value, highlighting a reduced buying pressure in the market.
The SOL price displayed massive volatility for over a week as the price constantly bounced between $51.32 and $62.81. Following this, the bulls lost momentum, and the price traded in a closed range between $54.01 and $59.73 for a while.
The bulls gained momentum, but the rally was short-lived as the price faced rejection at $62.81. After this, the price traded in a narrow space between $59.73 and $62.81 for a while, after which the bulls attempted to break out of the resistance level but faced rejection at $65.90.
Following this, the price was pulled back into the range. After multiple attempts, the coin broke out of the range and jumped over 17% before facing rejection at $77.500.
Since then, the price has displayed massive price volatility in the chart. Currently, the price is on the verge of testing its important support level at $70, of which the outcome is unpredictable.
Will Sol Price Rise Back Up?
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating a higher selling-over-buying pressure in the market. Further, the averages show a constant decline in the chart, suggesting the price will continue losing momentum in the coming time.
If the bulls hold the price above the support level of $70, it will regain momentum and prepare to test its resistance level of $75 soon. Further, if the market holds the price at that level, the Solana token will attempt to test its upper resistance level of $79.65 this month.
Negatively, if the bears overpower the bulls, the price will lose momentum and fall to test its support level of $65.90 this week. Moreover, if the bears continue to dominate the market, it will plunge further and prepare to test its lower support level of $62.81 in the coming days.
