The trading price of Solana (SOL) ended up falling lower than the $29.42 level on October 19. The particular trading price is the support level for Solana.

For a while, the trading price of Solana has been declining. The bears had managed to bring the trading price of Solana to a low of $29.42.

This means that the bears had already beaten the bulls down to the support level with their strong selling pressure. The bears kept selling SOL with strong aggression, which brought their value lower.

Selling Spree on October 19

The selling spree of the bears continued even on October 19. After pulling SOL’s price below $29.42, the bears had gained enough confidence that they could continue selling for a long.

Eventually, the bears managed to pull the trading price of ETH close to a low of $26. At the moment, the trading price of SOL is hovering close to the $27.87 mark.

This is a strong support level where the bulls would have to jump in and buy SOL to push it higher. This is a retest for Solana and the bulls will need to prove their might by constantly buying SOL.

Solana’s Downtrend to $22

If the bulls do not show much aggression, it would provide bears with another opening. They would be able to run the show and retest the crucial support level.

At the time of writing, the crucial support for SOL is at $26. The bears may find it difficult to break the defenses on this level because it is a crucial support level.

If the bears prevail, then the trading price of SOL may fall below the $26 mark.

The moving averages for Solana are also moving downstream. Solana’s RSI is also hovering within the negative territory, giving almost full control to the bears.

If the bulls fail to rebound the trading price of SOL over the $26 level, then its price may decline tremendously.

Going forward, a strong selling spree may take place that may pull SOL’s trading price to a low of $22.

SOL’s Move to a High of $32.28

On the other hand, if the bullish sentiments of the investors kick in, they may attempt to push SOL’s price higher.

The first obstacle for the bulls would be $28 and if the bulls are able to push its price, then SOL’s price would continue rising.

This would provide confidence to the bulls to continue building on a strong rally. This would help push the trading price of SOL over the $30 mark.

As the momentum keeps on building, then the trading price of SOL may surge to a high of $32.28.