Solana (SOL) is currently facing bearish pressure as it struggles to maintain its price above critical support levels. After losing the $120 range floor, the cryptocurrency has entered a crucial demand zone, where buyers are attempting to defend against further declines. Based on the data provided in the document, analysts suggest that the next few trading sessions will be pivotal for SOL's price action.
Current Price Range of SOL
The price of SOL has recently slipped into the $115-$113 range, which is now being closely monitored by traders. According to crypto analyst Crypto Tony, reclaiming the $120 level is essential for any potential bullish momentum. A successful recovery above this threshold could pave the way for a rebound towards $130, and possibly even $140.
Market Sentiment and Support Levels
However, the market sentiment remains cautious as sellers continue to exert control below the previous resistance level. Immediate support is currently positioned at $113, and a breakdown below this point could lead to a deeper decline, exposing demand levels around $108 if selling pressure intensifies.
In a recent development, the Solana ETF saw significant outflows, raising concerns among investors, contrasting with the current bearish pressure on Solana's price. For more details, see the full report here.
