Solana (SOL) has been experiencing a tough month, with its price trapped in a consolidation range between $127 and $155. After facing a significant rejection at its resistance level, the cryptocurrency has seen a steep drop in valuation. This recent downturn has sparked a flurry of questions among investors: “Will Solana rise back up?” and “How high will SOL price go in 2024?” As we head into September, let’s dive into the latest price analysis and potential targets for Solana.
SOL Coin Price Records Intensified Bearish Action
Over the past month, Solana has struggled to break through its resistance level of $155, indicating a strong selling pressure at this point. This resistance has proved formidable, leading to a notable 20.26% drop in the past week and a 21.66% decline over the past 30 days. The altcoin has even lost its position as the fourth-largest cryptocurrency by market cap, slipping behind Binance Coin (BNB).
Technical indicators are painting a grim picture for Solana. The EMA 50/200-day indicators have shown a consistent flatline in the 1D timeframe throughout August, signaling a potential bearish downtrend. This pattern raises the possibility of a Death Cross forming in September—a bearish signal that could suggest further declines.
Additionally, the Moving Average Convergence Divergence (MACD) has recorded a steady rise in the red histogram. This, combined with a negative crossover in the MACD averages, indicates that the bearish momentum might persist, possibly leading to further losses for SOL.
Is Solana Expected to Rise?
Despite the current bearish outlook, there is hope for a potential bullish reversal. Should Solana manage to reverse the trend, the crypto could aim to test its resistance level of $155 once again. If it successfully maintains this level, it could pave the way for a climb toward the upper resistance target of $181.50 in the coming weeks.
Also Read: Solana (SOL) Price Dips 21.66% – Can It Rebound From $127 Support Or Will It Fall To $100?
However, if the bearish trend continues to dominate, Solana might test its critical support level at $127. Should this support fail to hold, there is a risk that the price could plunge further to the lower support of $100.
Solana’s price action in September will be crucial in determining its short-term trajectory. The altcoin’s ability to rebound from current lows or continue its decline will hinge on broader market conditions and investor sentiment. As Solana navigates this challenging period, both bulls and bears will be watching closely to see how the price develops.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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