The current market sentiment is favoring bears as the Ethereum ETF launch approaches, although the price of ETH remains strong. Despite this bearish influence, the price of Solana (SOL) has dropped below $180 after failing to maintain its recent highs near $185. The token is now in a critical support zone, potentially leading to further bearish movement and a test of the key support level below $175.
Will SOL drop below $170 or bounce back to reach $200? The price of Solana formed a double-bottom pattern near $120, sparking a significant upswing. However, the price was unable to break above $190 and reach $200, leading to a potential 10% pullback if the bulls cannot hold the support at $173.
The daily chart of SOL shows bearish signals, with rejection at important levels and a decrease in buying pressure indicated by the MACD. Additionally, the RSI has shown a bearish divergence, suggesting a possible pullback towards $160.
As the markets anticipate the Ethereum ETF launch, the next few hours will be crucial for SOL and the overall crypto market. After potentially hitting lows below $175, bulls are expected to initiate a strong rebound, aiming to reclaim levels above $180 and potentially reaching $200.
Overall, the future direction of SOL’s price remains uncertain, but a strong rebound is possible in the near term. The market dynamics surrounding the Ethereum ETF launch could have a significant impact on SOL and the broader crypto market, potentially leading to a strong upswing.
