Solana
Solana Dips Below $140 as Downtrend Intensifies! Will SOL Price Retest $130 Soon?
The cryptocurrency market started this week on a strong bearish note, leading to a significant correction in the major tokens in their respective portfolios. Furthermore, following the market correction, the market leader, Bitcoin Pricefailed to maintain its value above the $66,000 mark.
On the other hand, the Solana Price lost around 7.13% in the last 24 hours with a change in trading volume of +153.44%. Additionally, it has lost around 10% since the start of the week, highlighting negative price action for the altcoin this week.
With questions like “Will Solana ever come back up?” Are you considering investing but are concerned about the future prospects of Solana crypto? In this article, we have covered the market sentiments and price analysis of the Solana (SOL) token.
SOL Coin Forms a Bearish Price Pattern:
THE SOL Price has been trading under bearish influence for about a month, allowing it to form a descending channel pattern on the 1D timeframe. Additionally, the altcoin continues to trade within this range and hints at high potential for testing its support trendline.
TradingView: SOL/USDT
The SOL token lost around $20 billion of its market capitalization during this period, which caused it to fall to the 5th position on the cryptocurrency market list.
Moreover, with this drop, a huge gap of $24 billion was formed compared to the valuation of Binance Coin (BNB) which currently occupies the position of 4th most valuable crypto token in the world.
Solana Crypto Market Sentiments:
The 50-day EMA acts as resistance to the price chart, indicating an increase in bearish sentiment. However, the 200-day EMA supported the price on the 1D timeframe, highlighting mixed sentiment in the cryptocurrency market.
The Moving Average Convergence Divergence (MACD) displays a constant red histogram in its chart, with its averages showing a steady decline. This indicates weak bullish sentiment for SOL coin price.
Is SOL price bullish or bearish?
If the market sustains Solana price above its crucial support level of $127, the bulls will regain momentum and test its resistance level of $155.
Moreover, if the market undergoes any bullish action, the SOL token will break out of its resistance trendline and head towards its upper resistance level of $181.50 in the coming time.
Conversely, if the bears continue to hold power over the bulls, Solana crypto will break its trendline and crucial support level of $127 and prepare to test its lower level of $100 over the coming weeks .