Solana price to see 15% relief bounce as SOL bounces off vital support level

Solana price has been shedding its gains steadily since setting up an all-time high on November 6. This downtrend has already sliced through multiple layers of support levels and is currently bouncing off another one. Investors can expect SOL to see a relief bounce before it either continues its descent or establishes a bullish bias.

Solana price to see some bullish action

Solana price dropped 16% over the past 24 hours from $176.82 to $147.93. This sudden price drop can be attributed to the big crypto and the general weakness seen among altcoins. As SOL trades around $154, investors can expect a bullish reaction off the current support level to propel the Ethereum-killer to retest the $175 hurdle.

This move would constitute a 15% gain and is likely where it will end. However, in a highly bullish case, the uptrend could extend to $181.64, indicating a 19% run-up.

If the overall outlook for the cryptocurrency markets sees a paradigm shift favoring the bulls, market participants should see SOL climb higher. However, if the sellers continue their assault, SOL will head lower and revisit other support floors.

SOL/USDT 6-hour chart

While things are looking up for Solana price, a failure to hold above the $153.20 support level will knock SOL down to $140.23. Here, the buyers have another chance at a relief bounce to $175.76. Failure to pull through will result in further descent. If Solana price produces a lower low below this level, it will invalidate the bullish thesis and potentially trigger a crash to $124.18.