Like other top altcoins, Solana has been affected by the ongoing bearish rampage in the crypto market, which has flipped several assets into a downtrend. According to CoinScribblers analysts, Solana has flipped bearish on the higher time frame as it broke through its previous low at $110 but failed to rebound to its previous high at around $150. Thus we expect Solana to continue on a downtrend, retracing to the $80-$100 range, where there is a massive bullish block, with Solana bulls ready to push the price upwards.
If the bulls successfully defend this range, then Solana could begin an uptrend. However, to validate the bullish shift, Solana bulls will have to break past the resistance wall around the $140-$148 range, where there is a bearish order block with bears waiting to snatch control and push the price into a downtrend. Meanwhile, in the lower time frame, we see that Solana has broken through its previous low around the $126 mark, indicating a downtrend and that the bears are still in control of the market.
Therefore, our analyst suggests that Solana will continue to retrace and face a bullish rejection in the $80-$100 support level, where bulls are waiting to push the price back up. Meanwhile, if the bulls garner enough momentum to push Solana above a minor resistance wall around the $120 mark which also confluences with a bearish order block, then the altcoin could instead surge back to the $140 region. According to Coingecko, Solana currently trades around the $125 mark indicating that the bulls still have a chance to change the bearish narrative and defend Solana from falling to the critical support level.
