Solana's bullish momentum faces resistance at $120, hinting at a possible pullback.
A noticeable drop in trading volume suggests potential for a bounce if buyers maintain control around the $90 level.
SOL's struggle to stay above $100 may lead to increased selling pressure and deeper market corrections.
Technical indicators reveal a 20% decline in recent weeks, with bearish signals dominating.
Current trade at $93.87, coupled with a 7.58% overnight drop, puts Solana at a critical juncture.
A 437% rise in SOL price over 10 weeks shows bullish fatigue as the coin approaches key resistance levels.
The potential breakdown below the 50-day EMA at $87.60 could trigger a 30% fall to $66.
A decline in weekly trading volume aligns with the pullback, suggesting a weaker selling trend.
The daily MACD trend indicates a possible continuation of the downward movement towards the zero line.
If Solana overcomes current challenges, a rebound above $100 may set the stage for a rally to $125.
Key support and resistance levels at $90 and $100 will play a decisive role in SOL's immediate future.
Market sentiment remains cautiously optimistic, aligning with predictions of an overall bullish trajectory for Solana in 2024.
A noticeable drop in trading volume suggests potential for a bounce if buyers maintain control around the $90 level.
SOL's struggle to stay above $100 may lead to increased selling pressure and deeper market corrections.
Technical indicators reveal a 20% decline in recent weeks, with bearish signals dominating.
Current trade at $93.87, coupled with a 7.58% overnight drop, puts Solana at a critical juncture.
A 437% rise in SOL price over 10 weeks shows bullish fatigue as the coin approaches key resistance levels.
The potential breakdown below the 50-day EMA at $87.60 could trigger a 30% fall to $66.
A decline in weekly trading volume aligns with the pullback, suggesting a weaker selling trend.
The daily MACD trend indicates a possible continuation of the downward movement towards the zero line.
If Solana overcomes current challenges, a rebound above $100 may set the stage for a rally to $125.
Key support and resistance levels at $90 and $100 will play a decisive role in SOL's immediate future.
Market sentiment remains cautiously optimistic, aligning with predictions of an overall bullish trajectory for Solana in 2024.