A fresh bearish case has stuck in the crypto markets, which has slashed the Solana price below $135, losing over 15% since the last trading day. While the market participants look out for an extended descending trend that could drag the price below $100, the trade set-up suggests the bulls have captivated the key support levels. Hence, one final push towards support may place the SOL price in a decisive phase with both bullish and bearish targets by the end of July 2024.
The SOL price is stuck within a descending triangle and the latest rejection from $155 hindered the ‘v-shaped’ recovery, aiming to reach $175. However, the SOL price appears to have entered a decisive phase, which suggests, that either the token may rise above $185 and reach levels above $200 or head towards $120 and a failure to hold may drop below $100.
Presently, 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 RSI is bearish, & the MACD is about to undergo a bearish crossover. Therefore, a drop to these levels may be imminent and as the support coincides with 0.5 FIB, a rebound may be triggered. However, failing to sustain at these levels, the price could slip below $100, piercing through a fragile resistance at $105.
Nevertheless, the likelihood of playing out this trade is pretty low, as the bulls appear to have captivated the support zone around $120. A rebound from these levels may lift the levels back above $135 or 0.618 FIB. The bulls are expected to display strength here and elevate the levels to 0.786 FIB at $155. This move may elevate the levels above the bearish influence, raising hopes for a continued upswing to 1 FIB above $175 in the second half of Q3 2024.
Therefore, Solana’s (SOL) price remains under bullish influence, regardless of the current bearish influence over the token.
