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Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

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Solana bears dominate the market, so SOL is expected to drop even more in the coming days. Cryptocurrency support is visible at $37.7 while resistance is strong at $45.

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In the meantime, the bears are gaining strength and could overwhelm the market. The price of SOL has recently dropped from $42 to $38 and is quite comfortable in this range.

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The negative move is especially noticeable in the $39 area as the SOL remains bearish. Solana was down 5.52% overnight and is currently trading at $38.7 on a trading volume of $1,324,152,085. At press time, SOL has a market capitalization of $13,403,122,727 and is currently ranked 9th.th largest coin in terms of market cap.

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Solana returns to the support line

The price of Solana, like Bitcoin and Ethereum, showed a downward movement. Moreover, the cryptocurrency seems to be less volatile. Consequently, the price of SOL/USD is creeping towards the support line, which means a reversal that could potentially disrupt the bearish movement of the pair.

The price of SOL has reversed the bullish momentum seen in the last few days. However, as the volatility seems to be declining, the value of SOL is undergoing minimal changes.

The SOL/USD pair crosses the moving average curve, showing a bearish band. On the other hand, now the market seems to be deviating downwards, turning into a negative movement.

The RSI value looks stable at 49. On the other hand, the RSI is also showing a downward trend, implying a slowdown in market dynamics. Moreover, a drop in the RSI indicates that selling activity has increased compared to buying activity.

It looks like the bears are dominating the market. The price of SOL is showing bearish behavior with a strong trend towards further price declines in the coming days. Thus, if the bulls do not strike back soon, the bears will lie under the market for a long period of time.

SOL total market cap at $12.8 billion on the daily chart | Source: TradingView.com

Can SOL break through $42?

The only chance to beat the bears is to break through the support with the price. And this will be the time when the bulls will control the dynamics of the market. The SOL has no doubt created an impressive streak in the past week, which is mostly an advantage for day traders.

Now, if the SOL price bottoms out, there is a possibility of a 16 percent rally in the $44 price zone. However, if the bulls fail to grab onto the support at the 21-day SMA, then the uptrend may not be reliable.

At the time of publication, conditions are neutral. If the SOL is able to break through $42, then the bulls could rally and target $60, potentially causing Solana’s price to rise by 66%.

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Featured image from Exodus Wallet, chart from TradingView.com



Credit : www.newsbtc.com

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