The Solana token continues to see significant price fluctuations, successfully overtaking Binance Coin and ranking 4th among the top 100 cryptocurrencies by market capitalization.
Additionally, SOL price continues to struggle to break away from the key resistance level of $100, which indicates a strong clearing point at that level.
The Solana token traded in a closed range between $54.01 and $59.73 for a short period of time before the price gained momentum and broke out of the range. The rally was short-lived as the bulls were rejected at $65.90.
Afterwards, the price traded sideways between $59.73 and $65.90 for a while. As the market regained strength, the bulls surged more than 33% before being rejected at $79.65. SOL price has been trading in a consolidated range between $65.90 and $79.65 for nearly two weeks.
During this period, the token recorded sustained pump-and-dump values. After several attempts, the bulls recently broke the resistance level of $79.65 and jumped more than 39%.
However, it fell short of the target stock price of $100. Since then, the price has been consistently trading between $90 and $100.
MACD (Moving Average Convergence Divergence) shows a continuous decrease in the histogram, which indicates decreasing buying pressure for this token in the market. The averages also highlight that a bearish convergence is likely and the price may experience a significant correction in value in the coming days.
Will SOL price reach $100 soon?
If the bulls hit the target price of $100, SOL price will continue to rise and prepare to test the upper resistance level of $105 next week.
Conversely, if the bears overwhelm the bulls, the price will lose momentum and move lower to test the $90 support level over the weekend. Moreover, if the bears continue to dominate the market, the downtrend will increase further and prepare to test the lower support level of $79.95 in the coming days.
If a trend reversal occurs, Solana price is expected to test the low of $70 by the end of the year.