Solana (SOL) Price Displays the Possibility of an Extended Bearish Trend, Which May Drag the Levels by More Than 8% in the Next Few Days

While the FUD trade seems to have played out, an extended bearish phase may place the token in a decisive phase while bulls continue to hold some dominance

Solana's price displayed a possibility of an extended bearish trend, which might drag the levels by more than 8% in the next few days.

However, the trade set-up suggested that the bulls captivated the key support levels, which might lead to a final push towards support. This could place the SOL price in a decisive phase with both bullish and bearish targets by the end of July 2024.

The recent bearish case in the crypto markets has brought the Solana price below $135, indicating a loss of over 15% since the last trading day. As the market participants anticipate an extended descending trend, it could drag the price below $100.

Solana's price is currently expected to maintain a steep descending trend, which may drag the levels into the key support zone between $124.75 and $119.80. The RSI is bearish, and the MACD is about to undergo a bearish crossover. Therefore, a drop to these levels may be imminent, and as the support coincides with 0.5 FIB, a rebound might be triggered.

However, failing to sustain at these levels could lead the price to slip below $100, piercing through a fragile resistance at $105.

Presently, the SOL price is touted to display the FUD trade, which might be nearing its final stages as an extended bearish phase places the token in a decisive phase. While the bulls continue to hold some dominance, both bullish and bearish targets are expected to be achieved by the end of July 2024.

The above is the detailed content of Solana (SOL) Price Displays the Possibility of an Extended Bearish Trend, Which May Drag the Levels by More Than 8% in the Next Few Days. For more information, please follow other related articles on the PHP Chinese website!