SOL Price Struggles: Will $127 Support Hold Amid Bearish Pressure?

SOL Price Struggles: Critical Levels to Watch as Consolidation Continues

After more than a month of consolidation in a narrow range between $127 and $155, the Solana price has shown lackluster price activity. Additionally, the value of the SOL cryptocurrency has significantly decreased as a result of the recent rejection at its resistance level. For the investors in Solana, this has led to a situation akin to FUD.

• In the event of a bullish trend reversal, the price of SOL cryptocurrency will get ready to test its $155, which serves as a barrier.
• This altcoin will be able to move toward its upper resistance level of $181.50 over the course of the next few weeks if the price stays at that level.
• On the other hand, should bears maintain their hold on the cryptocurrency market, the price of Solana may challenge its critical $127 support trendline.

Solana Price Forecast: Can Bulls Prevent the Imminent September Death Cross?

Notably, Solana cryptocurrency has failed multiple times to overcome its $155, resistance level. This emphasizes a compelling feature of the altcoin at that stage. This altcoin has fallen to fifth place behind the Binance (BNB) coin after dropping 19.64% over the last 30 days and 18.54% over the last week.

Throughout August, the 1D time frame of the EMA 50/200-day showed a continuous flatline. Additionally, a bearish downturn has begun to manifest. This emphasizes the strong likelihood of a September Death Cross. The red histogram has also shown a consistent climb according to Moving Average Convergence Divergence (MACD). Additionally, its averages on the SOL price chart have shown a negative crossover. This implies that this altcoin might keep depreciating in value in the future.

For more up-to-date crypto news, you can follow Crypto Data Space.