Market dominance is being held by Solana bears. SOL can expect to fall even further in the days ahead. At $37.7, the crypto support and resistance are prominent. Resistance is at $45.
The bears continue to gain momentum and may overpower the market. Recently, the SOL price dropped from $42 to $28. It is becoming quite comfortable within that range.
As SOL continues to be bearish, negative movement at $39 is quite remarkable. Solana is trading at $38.7, with $1,324,152.085. SOL is currently the 9th most traded stock with a market capitalization $13,403,122.727.ThLargest coin by market capital
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Solana Inches Back Towards Support Line
Solana’s price has shown a decrease just as Bitcoin and Ethereum. Even more, cryptocurrency is 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.
The SOL price is now showing a bullish trend over the last few days. SOL values have shown minimal movement as volatility appears to be calming down.
SOL/USD crosses below the Moving Average curve, indicating a bearish trend. The market is now moving downwards, shifting to a negative trend.
At 49, the RSI score appears to be stable. The RSI score, however, is showing a decreasing trend. This suggests a drop in market dynamics. The RSI score has dropped, which indicates that selling activity is stronger than buying.
It looks like bears dominate the market. SOL Price shows bearish activity with strong tendency for price to slide further in the next days. If the bulls don’t retaliate quickly, bears will continue to snowfall under the market for a prolonged period.
SOL Total Market Cap at $12.8 Billon on Daily Chart | Source: TradingView.com
Can SOL Breach $42?
If the support price is broken, the only way to defeat the bears here is to get the price up. That would mark the moment when the bulls can control the market dynamics. SOL is no doubt a strong performer last week, which can be a boon for day traders.
If the SOL price reaches its bottom, then there’s a chance of a 16% rally to reach $44. However, if the bulls can’t grapple on the support at the 21-day SMA then the uptrend can be a precarious scene.
Conditions are currently neutral as of press time. SOL should break $42, and the bulls will rally, potentially aiming for $60. This could lead to an eventual 66% rise in Solana prices.
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Featured Image from Exodus Wallet. Chart by TradingView.com
