Solana's Price Plummets 6.47% Amidst Growing Bearish Trend

Solana, the sixth-largest cryptocurrency by market capitalization, has experienced a significant price drop of 6.47% in the past 24 hours, indicating a growing bearish trend in the market. This decline follows a broader pullback in the cryptocurrency market over the weekend, during which several top tokens broke down from their key support levels.

The SOL price is now nearing a crucial support level, and technical indicators suggest a negative outlook in the daily time frame. The Moving Average Convergence Divergence (MACD) shows a constant red histogram, while the Exponential Moving Averages (EMAs) indicate an increase in selling pressure over buying pressure. Additionally, the EMA 50-day curve is bearish, with the 200-day average recording a negative crossover, suggesting that the SOL token may continue to lose momentum.

Despite the current bearish trend, there is still potential for a price rebound. If the SOL price can maintain its position above the crucial support level of $181, it could retest the immediate resistance level of $200. A stronger bullish sentiment could even push the price towards the upper resistance level of $210 this month. However, if the bears continue to dominate, the SOL price could retest its support level of $181 and potentially fall to the lower support level of $155 in the near future.

Looking ahead, the long-term prospects of SOL tokens remain uncertain. While some analysts predict that the Solana price may reach a maximum trading value of $400 this year, others believe that it could take until 2029 for the SOL coin price to achieve a target price of $1000. At the time of writing, the value of one SOL crypto token was $183.92.