The cryptocurrency industry is currently experiencing a bearish trend, with many top crypto tokens struggling to maintain their values above key support levels. This indicates uncertainty regarding future price movements for these alternative coins.

Despite an increase of 21.68% in the last seven days, the Solana price has seen a correction of 20.86% over the past 30 days. Additionally, the altcoin has dropped by 6.59% in the last day, signaling a strong bearish sentiment surrounding the Solana token in the cryptocurrency market.

SOL Price Struggles to Break Out of Resistance Zone

The SOL price showed varied movements, trading between $76.75 and $126.75 in the first two months of 2024. Following this, a bullish momentum led to a price surge to $210.80 on March 18, marking a 110.80% increase in valuation.

Subsequently, the SOL token traded sideways between $168 and $204.75, but as market volatility increased, the bulls lost steam, resulting in a 29.87% correction in the price. Currently, Solana is trading between $126.75 and $155.25.

Market Sentiment Surrounding Solana

The Cross EMA 50/200-day indicator reflects negative price action, with the EMA 50-day showing a bearish convergence in the 1D time frame, indicating a weak performance for the altcoin.

Moreover, the Relative Strength Index (RSI) exhibits a bearish curve above the mid-point, suggesting heightened selling pressure in the crypto market. The average also points to a potential bearish convergence, indicating a negative outlook for the Solana token for the week.

Outlook on SOL Price Movement

If the market sees a resurgence in momentum, bulls will aim to test the resistance level at $155.25. Sustaining that level could pave the way for Solana's price to reach the upper resistance level of $180.75 in the upcoming week.

Conversely, if bears continue to dominate, SOL's price may remain under bearish influence and drop towards the crucial support level of $126.75 in the near future.