Solana (SOL) Price Struggles to Break Resistance, Faces Potential Bearish Divergence
- Solana (SOL) price struggles to break resistance, consolidating within a narrow range just below $175.
- Short-term trading analysis suggests a potential bearish pullback to $160 and possibly $140.
- The potential pullback may attract traders who could either fuel the bearish narrative or inject liquidity to propel Solanas price back above $170.
Solanas price has encountered significant difficulties in surpassing a specific price level after rising above a certain range, resulting in heavy consolidation within an extremely narrow range just below the resistance.
Compounding the issue, the trading volume has not reached the desired level, which further exacerbates the possibility of the price experiencing a bearish divergence.
Solana confined in a tight range
The SOL token has found itself confined within a tight range as bears consistently push the price down whenever it approaches the $175 mark. At times when the price was expected to plummet below $160, it quickly rebounded, reviving hopes of reaching $180.
However, the fear of a bearish pullback looming over the token makes it unlikely for a fresh bullish push to materialize in the coming days.
Short-term trading analysis lends support to the bearish narrative, suggesting that the price is likely to reach the lower support below $165 in the near future.
Currently, the price is testing one of the key zones, which is known to be a strong trend reversal area. If the bulls display weakness at this juncture, the price may face an interim rejection and subsequently drop to $164. Nonetheless, the token has managed to hold these support levels thus far.
This potential pullback may attract traders who could either fuel the bearish narrative or inject significant liquidity into the market, propelling Solanas (SOL) price back above the $170 level.
Solanas price action has been characterized by a struggle to break through a specific resistance level, resulting in heavy consolidation within a narrow range. The lack of sufficient trading volume further increases the risk of a bearish divergence.
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
