Solana Price in Dire Straits: Why SOL Price is Facing Bearish Pressure? Will it not Reach $130?

The post Solana Price in Dire Straits: Why SOL Price is Facing Bearish Pressure? Will it not Reach $130? appeared first on Coinpedia Fintech News

The markets have turned bullish, with the prices of the majority of cryptos having surged over 10% to 15% since the start of the month. While some believe they have entered the first phase of the bull run, some tokens continue to struggle to maintain above-average gains. Solana is among the tokens that are facing massive upward pressure, which had restricted it from reaching $120 earlier and now it appears that a drain below $110 could be fast approaching.

But why is the SOL price consolidating towards the south while the markets are bracing up to initiate a fresh upswing?

Solana has been displaying acute strength ever since it rose above the descending consolidation. Despite the network turmoil, the levels held fairly above the support level, suggesting the traders continued to hold enough confidence in the crypto. However, the constant failure to breach the levels above $118 does point towards bullish exhaustion, which may pave the way for the bears to prosper if they intensify their action. 

Soon after the breakout from the consolidation, a huge deviation is seen with the DMI levels, which have unfortunately formed the same patterns. This suggests the bulls are not in the mood to exhibit their strength. Besides, the bears are also not extracting profits, as they could be waiting for the price to reach the $120 milestone. Moreover, the SOL price, which dropped below the ascending trend line, which was strong support, failed to rise and recover above the levels during the latest upswing. 

Will the SOL price not reach $150? Has the bull run ended?

Well, the RSI is sustaining within the bullish range, which suggests a rebound could be fast approaching. Although the levels failed to test the upper resistance of the parallel channel, it seems to be preparing for a rebound from the average bands. With this, the Solana price may rise above the ascending support and eventually reach the apex of the ascending triangle beyond $130. This may trigger a breakout which may lift the levels above $150 if the market sentiments remain under bullish control.