On January 13, 2022, the price of Solana (SOL) ended up hitting a figure worth $157 per SOL. According to data, the particular figure was the 20-day EMA for Solana. Unfortunately, the bulls were not able to create much power from their rallies in order to push SOL’s price higher.
Despite making several attempts, the bulls were not able to keep up with the bears and finally, the bears took the matter into their hands. They ended up impacting the price of SOL tremendously, pulling its price below the $157 mark.
The data shows that the bears did not let the bulls go over the $157 mark and they managed to pull its price below the $150 per SOL figure. At the time of writing, the price of Solana is $149.59 per SOL. This means that the bears have managed to maintain their pressure over the bulls.
The bears currently have the market and the situation in their control and they may pull its price even lower. The TradingView data suggests that in the upcoming days, the bears may increase their selling pressure to pull SOL’s price even lower.
It is expected that in the upcoming days, the price of SOL may move down to $130 per SOL. If that happens, then the bears will have even more control over the price of SOL. Therefore, the bears will attempt to pull the price of SOL even lower.
At this point, the bulls may not pose much resistance and may let the price of SOL drop even lower. If that happens, then the price of SOL may drop down to $116 per SOL.
As per data from TradingView, even the relative strength index (RSI) and moving averages for SOL are moving in the negative zone. This means that the overall sentiments of the investors are currently bearish. The bearish sentiments suggest that the investors may lean towards selling SOL than accumulating it.
However, if the bulls do try harder and are able to launch a strong rally, they may be able to push its price higher. If the bulls manage to push the price of SOL higher, their first target would be the 20-day EMA.
However, the bears will demonstrate extremely high resistance at every price mark and make it difficult for the bulls. If the bulls are able to fight off the bears, they will be able to push their price higher. In that case, the price of Solana will be pushed all the way up to $176 per SOL.
After hitting the $176 per SOL figure, the bulls will have another opportunity of launching a strong rally. Once the bulls launch a strong rally, they will be able to push its price all the way up to $195 per SOL.