Solana (SOL) is struggling to build momentum and recover $120 after a significant decline in the past few trading days. SOL opened bullish last week, rising over 6% on Monday and nearly 2% on Tuesday, closing at $143.
However, after reaching this level, it lost momentum, dropping over 4% on Wednesday and closing at $137. The price slightly increased on Thursday, up 0.73%, closing at $138. On Friday, bearish sentiment returned, and SOL fell over 6%, breaking below the 20-day moving average and $130, closing at $129. On Saturday, the bearish trend continued, with SOL dropping nearly 4%, closing at $124.
Despite the overwhelming bearish sentiment, SOL saw a slight increase on Sunday, ending the weekend on a positive note.
SOL opened bearish this week, with a slight decline on Monday. However, on Tuesday, the stock rebounded, rising 1.72% and closing at $124. As the market bounced back, SOL surged to an intraday high of $135 on Wednesday.
However, after reaching this level, it lost momentum, dropping over 7% and breaking below $120, closing at $117. On Thursday, SOL remained in a losing position, slightly declining in the current trading session before recovering.
SOL is currently up 1.50%, trading at $118, with hopes of recovering $120. However, the bearish MACD indicates that sellers are in control.
