Solana (SOL) Breaks Below $30 Support; Have Bulls Given Up So Soon?

  • SOL’s price struggles to hold above key support as price trades below the region of interest for more uptrend. 
  • SOL’s struggles continue as bears lose support and prices are rejected in a downward price trend. 
  • SOL’s price drops below $30 for the first time. However, the price remains below the 50-200 Exponential Moving Averages. (EMA) daily. 

The price of Solana (SOL) hasn’t looked as strong as it should, as the price lost its key support and has tested this region on several occasions against tether (USDT). Although the uncertainty that surrounds the crypto market could be a huge factor as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of Solana (SOL) hasn’t seen its price show some sense of relief lately. Data from Binance

Solana (SOL), Price Analysis on The Weekly Chart.

Many projects did not do well in the bear markets. Most have experienced more than 50% declines in their prices, which discourages most investors and traders from buying these assets.

Despite the support of great partners and a large community that has grown, SOL’s price has fallen. This is because bulls couldn’t defend important support areas.

Many witnessed the last rally of SOL as traders and investors saw firsthand how price action was displayed by SOL rising from $2 to $250.

SOL’s price reached a peak of $250. But it faced stiff resistance from the market to move higher. The price failed to reproduce a glimpse at the rally, as $80 was rejected by the market every week.

SOL’s price bounced back from the lows to reach a peak of $137, but it was rejected because price fell to $30 due to price struggles to protect this area. 

Weekly resistance at the SOL price – $45.

Weekly support for the price of SOL – $24.

SOL on The Daily (Daily) Price Analysis Chart

SOLUSDT Price Chart Daily | Source: SOLUSDT On

SOL’s price continued to fall in daily trading, as bulls couldn’t defend its key support zone of $30.

The price of SOL dropped to $28, and then rallied to $47. However, it was rejected. It has been moving in a triangle-shaped range in an effort to begin a rally towards a breakout.

SOL prices broke against the trend, signaling bears’ takeover. SOL may drop as low as $24-20 if bulls do not reclaim $30-$35.

Daily resistance for the SOL price – $35.

Daily support for the SOL price – $24-$20.

Featured Image from zipmex. Charts From Tradingview 

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