As the industry enters its last week of trading in 2023, the volatility in the market increases. Top cryptocurrencies continue to display significant price fluctuations in their respective portfolios. On the other hand, Solana price experiences a correction of over 5%, highlighting a possibility of a trend reversal in the market.
The SOL price traded in a consolidated range between $54.01 and $65.90 for a brief period, following which the market gained momentum and the price jumped. However, the rally was short-lived as the price faced rejection at $79.65.
Following this, the bulls lost momentum and traded between $65.90 and $79.65 for almost two weeks. The Solana bulls regained momentum and jumped approximately 40%, after which the price faced rejection at $100.
After trading sideways for a while, the coin recorded another jump of 30%, following which the price traded sideways between $106.79 and $116.29 for a while. The bulls attempted a breakout, but the price faced rejection at $126.52, resulting in it leveling all its losses.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram, indicating selling pressure in the crypto space. Moreover, the averages show a constant decline, suggesting the price will continue experiencing correction this week.
Will SOL Price Rise Back Up?
If the market holds the price above the support level of $106.79, the bulls will regain momentum and prepare to test its resistance level of $116.29. Maintaining the price at that level will set the stage for the Solana token to attempt to test its upper resistance level of $126.52 this week.
Conversely, if the bears gain control over the market, the SOL price will lose momentum and prepare to test its lower support level of $100. Moreover, if the bears continue to dominate the market, it will plunge and test its crucial support level of $90 in the coming time.
Source: https://coinpedia.org/price-analysis/solana-price-continues-tumbling-will-sol-price-conclude-the-year-on-a-bearish-note/