After quite a long time, the Solana price has been stuck in a crucial range for a couple of days. While bears are slowly increasing their dominance over the rally, bulls are also utilising all their strength to keep up the bullish trend. Soon after plunging below $150, the rally seems to have taken a break, as no major variations are seen in the SOL price. The price is instead failing to defend the local support, which is raising the possibility of an extended bearish trend.
The SOL price is going through a corrective phase at the moment, with bulls and bears exhibiting equal pressure over the token, which has been witnessed in other similar altcoins. The price has been stuck within a range for a while now as the stochastic RSI has rooted along the lower support, failing to rise within the bullish range. Having said this, the price appears to be heading lower, while local support may serve a cause.
The trend appears to have shifted in the bearish direction as the Ichimoku clouds just shifted in their favour. The indicator flipped from being within the bullish range, hence indicating a significant shift in the trend as well as the momentum. As mentioned above, RSI does not show any variation, which may support the bearish thesis. Even though the buying volume is soaring to some extent, the levels remain lower than the required range and hence the expected rebound may take more time than expected.
Currently, the Solana price is trading around $130.12 with a massive daily loss of over 7% and a weekly loss of over 25%. Despite the market cap dropping below $60 billion, the token comfortably sits at the fifth position, having a huge margin from the next. Now it is quite important to see the Bitcoin price variations in the next few days, mainly during the weekend. As speculated by many, if the price drops below $60,000, the altcoins tend to follow, and hence, the SOL price may also slip below $120 to test the local lows at $115.
However, a resurgence of a bullish rebound may be expected depending on the strength of the bulls and the volume induced.