Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide
July 26 2022 - 10:10AM
NEWSBTC
Solana bears are dominating the market and thus, SOL is expected to
plummet further in the coming days. The crypto support is prominent
at $37.7 and resistance is strong at $45. Meanwhile, the bears are
gaining traction and could overpower the market. SOL price has
recently dwindled down from $42 to $38 and is getting quite
comfortable with that range. Negative movement is remarkable
specifically at the $39 zone as SOL remains bearish. Solana has
dipped by 5.52% overnight and is currently trading at $38.7 with a
trading volume of $1,324,152,085. As of press time, SOL has a
market capitalization of $13,403,122,727 and is currently ranked as
the 9th largest coin in terms of market cap. Suggested Reading |
Bitcoin Retreats Over Last 6 Sessions As BTC Bulls Chart Their Next
Move Solana Inches Back Towards Support Line Solana price just like
Bitcoin and Ethereum has demonstrated a downward movement. More so,
the cryptocurrency appears to be less volatile. Consequently, the
SOL/USD price is crawling towards the support line implying a
reversal that can potentially breach the pair’s bearish movement.
SOL price has swerved into a bullish momentum seen in the past few
days. However, as the volatility seems to simmer down, the SOL
value exhibited minimal change. The SOL/USD pair is crossing below
the Moving Average curve showing a bearish streak. On the flip
side, the market now looks to be swerving downwards as it shifts to
a negative movement. The RSI value appears stable at 49. On the
other hand, the RSI score is also showing a downward trend which
implies a decline in market dynamics. Moreover, the drop in the RSI
score shows that the selling activity has grown stronger compared
to the buying activity. Looks like the bears are dominating the
market. SOL price shows bearish action with a strong tendency of
price sliding further down in the coming days. So, if the bulls do
not retaliate soon, the bears will snow under the market for an
extended period of time. SOL total market cap at $12.8 billion on
the daily chart | Source: TradingView.com Can SOL Breach $42? The
only chance here to overpower the bears is for the price to break
the support. And that would be the time that the bulls will command
the market dynamics. SOL has no doubt created an impressive streak
last week which is an advantage for day traders mostly. Now, if SOL
price bottoms out, there is a possibility of a 16% rally shooting
for the price zone of $44. However, if the bulls can’t grapple on
the support at the 21-day SMA then the uptrend can be a precarious
scene. As of press time, conditions are neutral. If SOL can breach
$42, then the bulls can rally and target $60 which can potentially
induce a 66% boost in Solana price. Suggested Reading
| Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours
Featured image from Exodus Wallet, chart from TradingView.com
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Feb 2024 to Mar 2024
Cardano (COIN:ADAUSD)
Historical Stock Chart
From Mar 2023 to Mar 2024