Amid heightened price volatility, crypto trading volumes have surged, with the NFT market showing notable gains. Solana has faced consistent lower highs over the past two months, indicating bearish sentiment, but its historic trend suggests the potential for a bullish reversal.
SOL has dropped 5.63% in 36 hours, losing momentum and approaching a crucial support level. Despite a YTD return of over 30%, the coin has been rejected at its resistance level multiple times and continues to trade within a symmetric triangle pattern.
Technically, bearish signals like the SMA convergence and MACD decline suggest a potential short-term pullback. If bulls break resistance, SOL could retest $155, with a possible rise to $200. However, failure may lead to a retest of the $127 support level.
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