Solana Price Analysis: Bears Trying Hard to Suppress the Bulls, Will SOL Price Drop Below $120?

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Written By Pinang Driod
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The downfall from the yearly highs above $200 was believed to be a minor pullback until Solana’s price broke down from crucial support at $175. By printing massive bearish candles, the bears managed to drag the levels close to $140 and eventually below them. Currently, the SOL price is utilising all its strength to hold above the crucial support at $133, but the trade set-up indicates the bears are preparing to slash the prices hard in the coming days. 

After a sudden collapse from $150, the bulls somehow managed to trigger a recovery phase and elevate the levels from the lows around $116 to highs above $150. Unfortunately, it remained only for a short timeframe as the bears dragged the levels below $135, which is close to the key support levels at $133. Luckily, the volume has dropped to some extent, which may suggest a small decrease in the selling pressure, which may prevent further drain. 

As mentioned above, the SOL price is testing the pivotal support levels with an expectation of a strong rebound. Although the trade set-up appears to be bearish, there are minor chances of a bullish rebound as the RSI is about to trigger a healthy rebound. The RSI has reached levels not seen since September 2023. Hence, if a similar rebound occurs, then the price may trigger a healthy upswing, forming a new ATH above $500 in the days to come. 

What if the SOL price breaks the support at $133?

The price is trading close to the support zone around $133 and hence the huge possibility of a breakdown arises as the market sentiments are still bearish. Bitcoin is failing to recover above $65,000, which has created immense pressure on the entire crypto space. Therefore, if the Solana price slumps below the levels, then the lower support at $120 to $118 may try to offer a base. But if the bulls fail to trigger a rebound, a plunge may cause the price to trade within a double-digit figure.

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