Solana Bulls Look to This Price Level for Help Amid Strong SOL Bearish Sentiment

The price of Solana’s SOL token has pulled back sharply from its February highs, presenting a test of a key support level that could determine if bulls can regain control of the trend. After showing the potential for a trend reversal, Solana now faces hurdles that need overcoming for additional gains.

Inverse Head and Shoulders Breakout Level Must Hold

As crypto trader MatthewHyland_ noted on X (Twitter), Solana is currently retesting the breakout point of an inverse head and shoulders pattern around the $101 level. This marks a pivotal make-or-break point, as failure to hold here would negatively impact Solana’s market structure. Losing this support could kickstart an extended downtrend.

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Broader Pullback Aligns with Retest
Adding context, analyst CalebFranzen points out that Solana’s 15% drop aligns with a broader crypto pullback where double-digit declines hit many altcoins. Solana fell over 20% from its December high, showing considerable bearish pressure.

Further analysis reveals the 50-day moving average sits above the current $101 Solana price, presenting another layer of potential overhead resistance for bulls to overcome. With bears clearly in control over the last week, bullish signals remain elusive.

In summary, Solana bulls face an uphill battle to flip the script and reignite an uptrend. The $101 support must hold to avoid inflicting further chart damage. However, with largely bearish sentiment and technical alignment in place currently, additional downside looks possible for SOL in the near term before substantive relief comes for battered bulls.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency