The Solana price has displayed a weak price action by trading within a consolidated range between $127 and $155 for over a month. Moreover, with the recent rejection at its resistance level, the SOL crypto has displayed a significant drop in valuation.
This has created a FUD-like situation for the Solana investors. Moreover, questions like “Will Solana Rise Back Up?” and “How high will SOL price go in 2024?” are widely searched.
Dive in as, in this article, we have covered the price analysis and potential price targets of the Solana (SOL) crypto token for September.
SOL Coin Price Records Intensified Bearish Action
Notably, the Solana crypto has repeatedly failed to break out of its resistance level of $155. This highlights a strong selling point for the altcoin at that level. With a drop of 20.26% within the past week and 21.66% over the past 30 days, this altcoin has lost its 4th position to the Binance (BNB) coin.
The EMA 50/200-day has recorded a constant flatline in the 1D time frame during August. Moreover, it has started displaying a bearish downtrend. This highlights the high possibility of a Death Cross in September.
Further, the Moving Average Convergence Divergence (MACD) has recorded a constant rise in the red histogram. Further, its averages have displayed a negative crossover in the SOL price chart. This suggests that this altcoin may continue losing value in the coming time.
Is Solana Expected To Rise?
If a bullish trend reversal occurs, the SOL crypto price will prepare to test its resistance level of $155. Maintaining the price at that level will set the stage for this altcoin to head toward its upper resistance level of $181.50 during the upcoming weeks.
On the flip side, if the bears continue to dominate the cryptocurrency market, the Solana price could test its crucial support trendline of $127. If the bulls fail to hold the price at that point, this altcoin may plunge toward its lower support of $100.
Also, read our Solana (SOL) Price Prediction to know how far it can go in the future!