Hold Tight or Bail Out: Solana (SOL) Price Hangs in the Balance

• Solana is currently hovering around the $181 mark.
• The SOL market saw $32.31 million in liquidations.

A sudden bounce in the crypto market has stirred mixed sentiment, with prices fluctuating between gains and losses. Notably, the fear and greed index value rests at 62, which points to the greed sentiment in the market. The largest asset, Bitcoin, trades at $118.3K while the largest altcoin, Ethereum, hovers near $3.8K. Meanwhile, Solana (SOL) had a modest spike of over 0.26%

SOL could step into the bullish zone after testing a series of resistances between the $182 and $186 ranges. The altcoin opened the day trading at its high of $182.38, and eventually, the potent bearish shift has pushed Solana toward a low of $172.34. As per CoinMarketCap data, Solana currently trades within the $181.01 mark.

With the market cap staying at $97.32 billion, SOL’s daily trading volume has increased by over 17.36%, reaching the $6.02 billion level. As reported by the Coinglass data, the market has witnessed high volatility, with a liquidation of $32.31 million of Solana during this interval

Will Solana Dive Deeper or Catch a Bounce Soon?

The four-hour technical analysis of the altcoin reports that the Moving Average Convergence Divergence (MACD) line is below the signal line and both are below the zero line. It generally suggests a sturdy bearish momentum. In addition, Solana’s Chaikin Money Flow (CMF) indicator, which settled at 0.02, is slightly positive, indicating moderate buying pressure in the market. The money is flowing into the asset rather than out, showing weak but active accumulation

*SOL chart (Source: TradingView)*With the downside correction, the price of SOL might face a sharp pullback and test the nearest support range at $180.93. If the bear hold strengthens, it could trigger the death cross to unfold, driving the price to its previous low below $180.85. Assuming the Solana bulls regain momentum, the price could climb toward the $181.09 resistance. Further breakout might push the golden cross to take place, and likely send the altcoin price toward the $181.18 mark.

Solana’s daily Relative Strength Index (RSI), found at 46.46, implies a neutral momentum, neither overbought nor oversold, sitting in a consolidation zone. The price may swing in either direction. Moreover, the Bull Bear Power (BBP) value of -0.49 signals that the bears are currently dominant. The asset may continue its downtrend unless a reversal occurs in the SOL market.

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