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<p>The price of Solana’s SOL token has pulled back sharply from its February highs, presenting a test of a key support level that could determine if bulls can regain control of the trend. After showing the potential for a trend reversal, Solana now faces hurdles that need overcoming for additional gains.</p>
<p><strong>Inverse Head and Shoulders Breakout Level Must Hold </strong></p>
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<p>As crypto trader <a href="https://twitter.com/MatthewHyland_/status/1760883013720670212?t=AX9b-wJcgNaT_7wCkj2KUQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">MatthewHyland_</a> noted on X (Twitter), Solana is currently retesting the breakout point of an inverse head and shoulders pattern around the $101 level. This marks a pivotal make-or-break point, as failure to hold here would negatively impact Solana’s market structure. Losing this support could kickstart an extended downtrend.</p>
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<p><strong>Broader Pullback Aligns with Retest </strong><br>Adding context, <a href="https://twitter.com/CalebFranzen/status/1760950787331563551" target="_blank" rel="noopener noreferrer nofollow">analyst CalebFranzen</a> points out that Solana’s 15% drop aligns with a broader crypto pullback where double-digit declines hit many altcoins. Solana fell over 20% from its December high, showing considerable bearish pressure.</p>
<figure class="wp-block-image size-large"><img loading="lazy" decoding="async" width="1024" height="572" src="https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-1024x572.png" alt="" class="wp-image-442655" srcset="https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-1024x572.png 1024w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-300x168.png 300w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-768x429.png 768w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-1536x858.png 1536w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-2048x1145.png 2048w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-268x150.png 268w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-100x56.png 100w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-626x350.png 626w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862-788x440.png 788w, https://captainaltcoin.com/wp-content/uploads/2024/02/image-862.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
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<p>Further analysis reveals the 50-day moving average sits above the current $101 Solana price, presenting another layer of potential overhead resistance for bulls to overcome. With bears clearly in control over the last week, bullish signals remain elusive.</p>
<p>In summary, Solana bulls face an uphill battle to flip the script and reignite an uptrend. The $101 support must hold to avoid inflicting further chart damage. However, with largely bearish sentiment and technical alignment in place currently, additional downside looks possible for SOL in the near term before substantive relief comes for battered bulls.</p>
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<p>The post <a href="https://captainaltcoin.com/solana-bulls-look-to-this-price-level-for-help-amid-strong-sol-bearish-sentiment/" rel="noopener noreferrer nofollow">Solana Bulls Look to This Price Level for Help Amid Strong SOL Bearish Sentiment</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Solana Bulls Look to This Price Level for Help Amid Strong SOL Bearish Sentiment

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