Despite concluding the previous week on a bullish note, the cryptocurrency market has started the second week of July on a bearish note. Further, the market leader, Bitcoin price, has experienced a strong pullback close to its $56,000 range.
On the other hand, the SOL price has displayed a similar price action by recording a significant correction in its respective portfolio. With the rising price volatility in the crypto space, will Solana price record a bullish reversal this week or plunge toward its new low?
SOL Price On The Verge Of Testing Its Crucial Support Zone!
Following, the ongoing cross-border market correction, the Solana price has lost 4.61% in valuation within the past 24 hours with a trading volume of $2.265 Billion, a change of +9.53%. Further, it has plunged 10.48% during the past week and 18.90% over the past 30 days.
The Solana price has been trading within a closed range since mid-April, indicating a weak price action for the altcoin in the crypto market. Moreover, the SOL price has formed a resistance zone above its resistance level of $155, highlighting a strong selling point at that level.
However, strong buying pressure has also formed close to its crucial support trendline around the $120 level, indicating a high possibility of a bullish reversal for the Solana price at that point.
Solana (SOL) Market Sentiments:
The Moving Average Convergence Divergence (MACD) displays a constant flatline in the price chart, highlighting weak buying and selling pressure for the SOL crypto. Further, the averages record a neutral trend, suggesting uncertainty in future price action.
On the other hand, the EMA 50-day constantly acts as a resistance to the Solana price chart in the 1D time frame. Whereas, the EMA 200-day acts as a crucial support. This indicates a mixed price sentiment for the altcoin in the crypto market.
Is Solana Price Expected To Go Up?
If the market holds the SOL coin price above its crucial support level of $127, the bulls will regain momentum and head toward its resistance level of $155. Maintaining the price at that level will set the stage for Solana price to attempt to test its upper resistance level of $181.50 this month.
However, if the bears continue to dominate the market, the SOL crypto will plunge toward its crucial support level of $127.00. Moreover, if the bulls fail to hold the price at that level, it will prepare to test its low of $100 during the upcoming weeks.
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