Can Solana Overcome Selling Pressure to Regain Bullish Momentum?

• Solana (SOL) trades at $166 after losing 0.10% in the last 24 hours.
• The market observed a liquidation of $13.61 million worth of SOL.

The cryptocurrency market has been in a brief bearish turn over the past 24 hours. The assets have lost their momentum and began to slide down. Nonetheless, the current market volatility is unpredictable, with mixed signals. 

Solana (SOL), the fifth-largest cryptocurrency, has faced the downturn and lost over 0.10%. Over the last 24 hours, SOL managed to hit a high of $173.85. Despite the surge, the price couldn’t rise further and instead dropped to a low of $164. At press time, Solana is trading at the $166 mark. Amid this, SOL’s daily trading volume is positioned at around $2.85 billion, according to CMC data.

Zooming in at the price momentum of SOL, a 0.10% spike is marked over the last seven days. The altcoin began trading in the $166.64 range. Eventually, the token’s price climbed to a high of $182.97.

On the other hand, on-chain data reveals the Pump.fun platform’s fee account has recently sold 90,000 SOL, worth $15 million. To date, the platform has earned 1,093,493 SOL, valued at around $184 million in total revenue, out of which it has sold 635,843 SOL at an average price of $159. 

Will Solana’s Price Rebound Soon?

Solana’s four-hour technical chart highlights the ongoing negative market sentiment, and the asset is in its weak position as the daily RSI sits in the 38 range. Moreover, the asset’s daily frame indicates the short-term 9-day moving average below the long-term 21-day moving average. 

The Moving Average Convergence Divergence (MACD) indicator of Solana is positioned below the signal line, suggesting downside pressure and the incoming bearish trend. 

Besides, the Chaikin Money Flow (CMF) line stays at -0.33, which indicates the decreased money flow with selling pressure. Whereas, the trading volume has spiked by 1.80%.

The price of SOL could test the immediate support level at $163.55. The price might plunge further to a low in the $159 range if the selling pressure grows. On the flip side, if the bullish momentum regained strength, SOL could jump to the $169.91 mark. Further correction on the upside might push the price to a high of $173.27.

Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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