The cryptom markets are painted red today, with the S&P 500 that has fallen almost 3% in recent days. The Solana price, which was already trading in a sinking ship, witnessed an increase in sales pressure, which reduced the price below $ 140. Currently the price continues to experience enormous sales pressure, which suggests that the next pit stop for Solana can be nearly $ 122. Now the question arises: whether it is the right time to buy Solana? Does Sol Price have a bullish future?
Since the carpet -stretching cases of Memecoins escalated on the Solana chain, the trust of the trader about the token has largely fallen. By the way, one of the popular crypto -readidity providers. In a recent update, the best crypto exchange, Binance, has also liquidated huge amounts of sol through the market maker, Wintermute. This has increased the Bearish possibility for token, which it is now assumed to drag the SOL price lower.
Although some believe that the platform is aware of some updates that have become Bearish on Solana, others think that the exchange deliberately dumps the sign to buy back the lower prices. The SOL price is currently confronted with extreme upward pressure, which it is believed to drag the levels to the next support under $ 120.
What is the future of Solana (SOL) price rally?
The Solana Prize has erased most of its winnings in recent days and reached levels that have not been visited since October 2024. In the crucial support range, the price went between $ 136.5 and $ 133.6, which offered a strong basis in 2024. In the meantime, the current trade Setup suggests that the price cannot ultimately defend these support levels, so that the price dumps almost $ 100.
As can be seen in the graph above, the SOL price has reached the crucial support levels with an increase in the Bearish influence. The RSI has reached the level that has not been visited since June 2023, while MACD has since 2022. This suggests that it has officially initiated token a strong falling trend, which can transform into a bear market if the price cannot retain the support at $ 119. The sales pressure is currently intensified, as can be seen at the MACD, which suggests that the price can remain empty.
In the meantime, the On-Balance volume (OBV) has constantly fallen since the beginning of the month, which suggests that the market sentiments have become BEARISH. That is why the SOL price can retain a strong falling trend for a long time.
Credit : coinpedia.org
