Top 10 Cryptos Trade in Red Zone: Will Solana (SOL) Price Reverse the Trend & Reclaim $180?
The post Top 10 Cryptos Trade in Red Zone: Will Solana (SOL) Price Reverse the Trend & Reclaim $180? appeared first on Coinpedia Fintech News
The market sentiments are turning in favour of bears at the moment ahead of the Ethereum ETF launch, while the ETH price is displaying strength. Amid the growing bearish influence over the markets, the Solana (SOL) price has dropped below $180 after failing to sustain at the interim highs close to $185. With this, the token has entered a crucial support zone, which may cause an extended bearish action, compelling it to test the pivotal zone below $175.
Will the SOL price drop below $170 or trigger a rebound and rise to $200?
The Solana price formed a double-bottom pattern hitting the bottom close to $120 which triggered a massive upswing. However, the upswing remained restricted below $190 which prevented the token from reaching $200. Hence, a rejection from the local resistance is expected to trigger another 10% pullback, if the bulls fail to hold the support at $173.
The daily chart of SOL price has been flashing bearish signals as the token faced rejection at crucial levels. Besides, the MACD is also displaying a notable drop in the buying pressure as the volume has turned in favour of the bears. Secondly, the RSI has triggered a bearish divergence which could validate a significant pullback which may even drag the levels close to $160.
Meanwhile, the possibility of such a bearish action remains uncertain as the markets are gearing up for the spot Ethereum ETF launch. Hence, after hitting the local lows just below $175, at around $172, bulls are expected to relaunch a strong rebound. With this, the probability of regaining the levels above $180 emerges, which may elevate the levels to $200. However, the next couple of hours are expected to be pretty important for the Solana (SOL) price and the entire crypto market, as it could cause a boomerang impact, triggering a strong upswing.
