Solana Price Analysis: $200 Target Fades As SOL Price Faces Rejection?

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Amid ongoing geopolitical tensions, the cryptocurrency market has recorded a significant correction in valuation this week. Moreover, top tokens have experienced a pullback toward their important support levels, indicating increased bearish sentiment in the crypto space.

Following this, Solana price has experienced a similar price action by facing a strong rejection at its resistance level of $155. Reportedly, this is the 3rd such recorded rejection within a span of 42 days. Will SOL price make a comeback this Uptober or will retest its crucial support level again?

SOL Price Fails To Break Its Crucial Resistance Zone:

The Solana price has dropped 1.73% in the past 24 hours with a trading volume of $2.78 billion. Moreover, it has plunged over 11.86% over the past week. This indicates an increase in the bearish sentiment in the crypto space.

TradingView: SOL/USDT

Notably, the 5th largest cryptocurrency by market cap has repeatedly faced rejection around the psychological resistance level of $155 since August. This highlights a strong liquidation point for the crypto project around that level. With a trading value of $139.27, it is on the path of potentially retesting its crucial support trendline.

Solana Crypto Technical Sentiments

The Moving Average Convergence Divergence (MACD) displays a rising red histogram with its averages showing a bearish convergence in the 1D time frame. This suggests a negative outlook for the altcoin this week.

Further, the EMA 50/200-day shows a high possibility of a Death Cross in the SOL price chart, highlighting a weak buying-over-selling pressure for it in the market.

Will SOL Price Go Up In 2024?

If the cryptocurrency market experiences a bullish reversal, the Solana crypto could retest its resistance level of $155 during the upcoming week. Moreover, if the market favors the bulls, in that case, it could prepare to head toward its crucial resistance zone above the $181 mark.

Conversely, if the bears continue dominating the crypto space, this could result in the price of the SOL token plunging toward its crucial support trendline of $127 this month.

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