Solana continues to be a popular choice for many investors who are eagerly waiting for the next bull run. Regardless of the ongoing price variation, the SOL price is expected to undergo a strong comeback and rise above the $500 million market capitalisation. The U.S. presidential election will be in the next couple of days and industry experts like Arthur Hayes favour Solana, calling it a high-beta Bitcoin. Besides, the Solana ecosystem continues to grow with the rising demand for Solana-based tokens.
Regardless of this, the SOL price failed to receive the required attention, as it continues to drop following the bearish market trend. The selling pressure has escalated to a large extent, suggesting the price is primed to drop towards the interim support anytime from now that may even extend towards the new lows. However, the Bulls have defended the pivotal zone firmly and kept the levels above $160 and a similar price action is expected to revive a strong ascending trend ahead.
As suggested from the above chart, the SOL price is stuck within a bearish parallel channel as the bulls are constantly facing difficulty in rising above the resistance. The recent rejection validates the presence of the bearish influence over the rally but the bulls are also displaying enough strength in holding above the pivotal support at $160. However, the technicals suggest a diverse trend that raises concern over the next price action.
The RSI remains incremental as it trades along the ascending trend line, which has been a strong support. Unfortunately, the on-balance volume remains stuck within a descending parallel channel and after the rejection from the interim highs, the possibility of a fresh pullback could be imminent. In such a case, a drop below $160 may hint towards a continued descending trend to $140, which may occur only in the case of an extended bearish trend.
Currently, the Solana (SOL) price is approaching a key support level that previously acted as a strong resistance. This level has historically influenced price movements, suggesting it could serve as a strong support. Therefore, if the price holds above this support and shows bullish confirmation signals, it may attract buyers, potentially pushing the price upwards back to $180.
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