Solana’s [SOL] price tumbled in the past day, sparking fear about a further dip, but the scenario might change
price tumbled in the past day, sparking fear about a further dip. However, there were chances of a trend reversal. If that happens, then investors might witness SOL reclaim $200 soon.The last 24 hours were not in investors’ favor, as Solana’s value fell by more than 6%.at the time of writing, SOL was trading at $134.70 with a market capitalization of over $60.2 billion. The considerable price drop had an impact on SOL’s social metrics.
Its Weighted Sentiment dipped sharply, meaning that bearish sentiment around the token became dominant in the market.However, there was more to the story than just this. AMBCrypto found that SOL’s price was moving in a descending channel on its 12-hour chart. If Solana manages to test that pattern and register a breakout, then things might get bullish in the coming days or weeks. In fact, it might as well allow SOL to recover and reclaim the $200 mark too.AMBCrypto then analyzed SOL’s on-chain data to find out whether the token would manage to break out of the pattern. As per our analysis of Santiment’s data, SOL’s volume plummeted sharply along with its price.
As per the Bollinger Bands, SOL’s price was in a less volatile zone, which suggested that the chances of an unprecedented price uptick were low.Though there was a possibility for the bearish trend to persist, AMBCrypto checked Hyblock Capital’s data to find possible near-term resistance levels if a bull rally happens.We found that SOL’s liquidation would rise near $146. Therefore, it’s crucial for SOL to go above that mark to sustain its bull rally.
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