SOL moved in line with the rest of the market over the week and has fallen back to the critical $130 support where the bulls may attempt to defend.
Buyers may be interested in the current price level as the last time it touched this key level the bulls emerged and put SOL in a slight uptrend.
The next resistance is at $155. This level will be a big challenge for any rally.
Daily SOL/USDT chart | Source: TradingView
Volume: Trading volume decreases when the price falls, which is not favorable for the bears. Therefore, buyers may have a great opportunity to reverse the current downtrend.
RSI: The daily time frame RSI is still in a downtrend with lower highs and lower lows. A trend reversal is not yet in sight.
MACD: The daily MACD formed a bullish cross but failed to sustain momentum. This is a sign of weakness and shows that the bulls are not ready to start a rally.
Daily SOL/USDT chart | Source: TradingView
The current trend is downward. However, the bulls have a chance to push the SOL higher off the critical support as sellers look undecided on the volume. Therefore, staying above $130 for a few days would suggest that the price might retest the $155 resistance.
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