The post regarding Solana's price movement and potential retest at $125 has shown a bearish trend for the altcoin. Despite market fluctuations, Solana's price remains constrained under the resistance zone, indicating a lackluster price performance.
After experiencing a cross-market correction in mid-April, the Solana price has been range-bound between $126.75 and $180.75. This range signifies a critical point for the altcoin within the cryptocurrency ecosystem.
SOL Price Struggles with Resistance:
The SOL coin failed to break through the significant resistance level of $180.75, leading to a 1.72% correction over the last day and a 12.87% decline in the week. These figures reflect a growing bearish sentiment in the cryptocurrency sphere.
The technical analysis shows the Simple Moving Average (SMA) acting as a barrier on the 1-day chart, suggesting a negative trend. The Relative Strength Index (RSI) exhibits a bullish trend above oversold levels, indicating a potential price surge. However, the average is hovering near the mid-point, showcasing a mixed outlook for the altcoin.
Prospects for Solana Price:
In a bullish scenario, SOL crypto may rise to test $155.25 and could target $200 in the near future. Conversely, failure to regain bullish momentum might lead to a continued bearish trajectory, testing the crucial support at $126.75.
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