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Solana price action indicates that bulls are attempting to regain the market. SOL prices begin the daily trading chart in a horizontal trend. As the market encounters resistance at the $100.5 level, solana prices are trading close to $100. Bulls will attempt to drive prices higher in order to reclaim the $101 level. If prices can be pushed below $99.5, the bears will be able to take control of the market.
In the previous 12 hours, Solana prices have fluctuated between $97.10 and $100.54, with the cryptocurrency gaining 0.11%.
Solana Recovers Above $100
As the cryptocurrency trades near to the $100.5 level, the bulls are encountering some resistance, but there is a lack of momentum for additional increases. The digital asset controls 1.84 percent of the whole cryptocurrency market, with a trading volume of over $1.2 billion.
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SOL prices have a market capitalization of $33.4 billion, putting the cryptocurrency in sixth place overall. Solana prices are attempting to break through $100.0 in order to initiate a bullish surge that might return the cryptocurrency to $101. The next level of resistance will be $103, followed by the all-time high of $133.35.
SOL/USD 1-day price chart, source: TradingView
After a strong surge towards the $101 mark, the daily price chart for SOL/USD shows that Solana prices are hunting for support. The market is now in a sideways trend, and there may be some short-term consolidation. The market will be bearish if it falls below $99, but if the bulls regain control, a return to $103 is possible.
The market’s slide is being held back by the negative trendline, but buyers are striving to go beyond it. As market hesitation takes hold, the RSI indicator is trading near the 50.0 level. The MACD has crossed over to the bearish side, which might send prices lower in the short term, but the bulls are still trying to push prices higher.
Alternatively, another slide to the downside might be triggered by a likely rejection from the 55-day SMA, which bulls have been unable to push and close prices above over the past four trading days. Bears have enough room to move lower with the Relative Strength Index (RSI) below 50, setting up the perfect strategy to break below the $95 level and open up the can for another 10% loss to $85. If that level fails to hold, the $75 level, which was identified by the bearish triangle established in February and March, may come into play.
Related Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout
Featured image from The Getty Images, chart from TradingView.com
