Solana is continuing to show red in its charts, with declines recorded on intraday, weekly and biweekly price metrics, as well as monthly, annual, and year-to date prices.
- Solana lost over 7% in the last 7 days
- SOL’s extended bearish movement will likely pull the asset below $25
- Solana’s current TVL is less than a billion
According to Tracking from, the crypto is trading at $27.81 and has lost 89.3% off its November 6, 2021 all time high (ATH), of $259.96 CoingeckoThis is at the time that this was written.
Altcoin fell 7.4% over the last 7 days. Solana lost more than 15% over the past 14 days as it didn’t make any sort of recovery.
As if the cryptocurrency hasn’t suffered enough already, its analysis points indicate it is due for a bearish pull in this extended crypto winter.
Solana seen dropping before she bounces back
Solana’s $30 mark was breached, and its chart displayed red candlesticks three consecutive days. This put Solana’s trajectory further in jeopardy. Stagnation.
The digital asset’s problems became bigger when it dropped below $28 as its 20 and 50 Exponential Moving Average (EMA) indicated sellers having a huge advantage this time.
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One piece of positive news is that Solana, despite another bearish run in the market, managed to maintain its hope of seeing a rebound.
A massive downward pull will likely put the altcoin in $26.3 support which will give sellers the opportunity to do their work and deflate SOL’s price further, all the way to $24.
This will allow the digital currency to breathe and set the stage for an increase in its price. The $27 to $29 target is the goal.
Solana can recover losses from the previous week, if it does this. However, analysts see a slower moving phase for crypto assets.
Solana’s DeFi Locked Value Plummets To Under A Billion
Solana was once a contender for Decentralized Finance (DeFi), as it competed with some of the most prominent blockchains. total value lock (TVL).
Just last year, the network’s TVL recorded a massive surge as it reached over $10 billion. But, as of press time, the value is now at $860million.
Not only did Solana’s TVL dried up, it is in danger of going down even more as the DeFi industry has lost a lot of its momentum.
There are not many individuals who would be willing to take chances and gamble in a market with a bearish trend.
SOL could fall below $25 if this trend continues. It will also lose the chance to trigger a bullish rally that would lead to another record-breaking high.
SOL market capital at $9.9 Billion on Weekend Chart | Featured image from Analytics Insight, Chart: TradingView.com Disclaimer: The author's analysis should not be taken as investment advice.
