In the last few days, Solana’s price (SOL), has not been able to move beyond a narrow range of $32-33.
As of this writing, SOL is trading at $32.72, down 16.5% in the last seven days – and around the same level it was trading Friday, data from Coingecko show, Monday.
Analysts believe that Solana’s lack of price movement suggests uncertainty in the cryptocurrency market.
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Solana Can’t Extricate Itself Past $33
The Solana coin’s retracement phase entered the red zone this week, as purchasers lost almost 20% of their investment. Prices have not been able to cross the $33 resistance. This indicates that bearish trends are unabated.
Prices found support in the previous week at $30. Solana could fall as low as $28 if the level is broken.
A daily candle closed below the 20 day simple moving average (SMA) on Saturday. On the same night, Solana’s market capitalization again fell below $11 billion, which translates to a 10 percent decline.
The $43 resistance level is where bears can be found, and the bulls want to make a comeback for Solana’s currency. After a roller coaster ride the bulls were rejected twice at the point of resistance.
Source: TradingView.com| Source: TradingView.com
SOL Loses 25% on Its Value Over the Week
Likewise, Solana’s trading volume has been rather modest and stands at $620,821,685 at present. Although the bulls tried to push prices up, they have so far failed.
SOL lost over 25% of its value during the week. The significant resistance of $44 was the point at which SOL began to fall.
The increased sell volume is placing a severe burden on the bulls, who now seem absent from the market. The market watchers anticipate that there will be a reaction when the price crosses a critical support level.
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Meanwhile, Crema Finance joins the list of protocols running on the Solana blockchain that have been compromised.
In the early hours of Sunday, the liquidity protocol took to Twitter to warn users that all network activity had been canceled as a result of the attack.
This year, the Solana network has been plagued by a series of setbacks and chain exploits. Moreover, the network’s protocols have degraded.
Atlas VPN found out that the Solana ecosystem was the victim of five hacking incidents, totaling $397 Million in the first three month.
Featured image taken from Crypto News AU. Chart by TradingView.com
