Solana
The price of Solana records its lowest level in 50 days! Will SOL price rebound with ETF deposits?
Despite Canadian crypto asset manager “3iQ” filing a new Solana ETF in Canada, SOL price continued to show negative price action this week. This highlights a growing investor disinterest in this altcoin over the past few days.
With questions like “Is Solana Crypto dead?” and “Will SOL Price ever recover?” investors are worried about its future prospects. Additionally, will Solana’s ETF filing act as a catalyst to regain its lost value in times to come?
Let’s go, as in this article we have covered the price analysis and potential short-term price targets of SOL crypto. To find out if Solana price will reach a new high, check out our detailed and in-depth article on Solana Price Prediction.
SOL coin price forms a downtrend:
The most volatile altcoin in the crypto market, the SOL Price continues to trade under a bearish influence by losing 2.32% over the last day with a variation of +6.10% in its trading volume. Furthermore, it has corrected 10.29% over the past seven days and 27.29% over the past month.
TradingView: SOL/USDT
Additionally, the Solana crypto formed a rounding top pattern during the 1D timeframe, indicating increasing bearish power for the altcoin in the cryptocurrency space.
The technical indicator, SMA, has consistently acted as resistance to the SOL token since the start of the month, highlighting strong bearish sentiment for the altcoin.
The Relative Strength Index (RSI) has failed to rise above its neutral point, with its average recording a steady decline. This has led the trendline to consistently head towards its oversold range and further indicate an increase in selling pressure in the crypto market.
Will SOL rise further?
If the market sustains Solana coin price above its crucial support level of $127, it could allow the altcoin to regain momentum and test its resistance level of $155.
Additionally, if the bullish sentiment in the market increases, it could push the SOL crypto price towards its upper resistance level of $181.50.
Conversely, if the bears continue to dominate the crypto market, the Solana token will break its crucial support level and plunge towards its lower support trendline of $100.