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The Solana price has been displaying acute strength since the start of the year, but the current monthly trade has not offered the required momentum. The price has remained stuck within a narrow range, indicating a drop in volatility. With a huge drop in trading activity, the SOL price does not appear to have been impacting the bullish sentiments circulating ahead of the Bitcoin halving.
After failing to sustain above $200 for two consecutive attempts, the SOL price began to plunge and slipped below the pivotal support zone. Despite multiple attempts, the bulls have failed to elevate the levels within the support-turned-resistance zone. This could raise some concerns for the next price action, as the bears appear to have capitulated to the levels at the moment.
Now the question arises: is it time to sell Solana or is it a better time to accumulate below $200?
As seen in the above chart, the SOL price has been displaying acute strength since the beginning of the year. Unfortunately, the bearish start of the month has differed from the bullish hopes for a while. The volume remains within a decent range, which suggests decent participation by the traders, which may have a notable impact on the rally. The technicals continue to be in the neutral range but may soon turn bullish in the coming days.
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The RSI is trading horizontally at the moment but the MACD is about to accomplish a bullish crossover. Before that, some more losses can be expected, which may drag the levels below $165. This could be a good buying opportunity as the markets are expected to turn bullish after the halving event, and this could be when the Solana price may gain levels back above $200. However, the bulls are required to maintain strength, which may pave the way for the price to test the higher targets above $250.
Read More : Solana’s Struggle Continues: Transaction Volume And Active Addresses Drop Heavily
Read More: SOL Price Stuck Within a Range: Is This the Time to Sell Solana or Accumulate More?
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