Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact
July 04 2022 - 4:09AM
NEWSBTC
The price of Solana (SOL) has been unable to break out of a tight
range between $32 and $33 during the past few days. 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. According to analysts, the lack of price
movement in Solana suggests that the market is uncertain about the
direction of the cryptocurrency. Suggested Reading | Litecoin (LTC)
Drops Below $50 After Consistent Bearish Squeeze 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. The bearish trend appears unbroken as prices have
been unable to surpass the $33 resistance level. The subsequent
level of support is $30, where prices found support earlier this
week. If this level is broken, Solana prices could tumble to $28.
The bears were able to close a daily candle below the 20-day simple
moving average (SMA), which also worked as short-term resistance,
on Saturday evening. On the same night, Solana’s market
capitalization again fell below $11 billion, which translates
to a 10 percent decline. Bears are active near the $43
resistance level, while the bulls are seeking to post a bullish
comeback for the Solana currency. In response to the roller coaster
ride, the bulls were twice rejected near the point of resistance.
SOL total market cap at $11.23 billion on the daily chart | Source:
TradingView.com SOL Shed Over 25% Of Its Value In Past Week
Likewise, Solana’s trading volume has been rather modest and stands
at $620,821,685 at present. The bulls have attempted to drive
prices higher, but have thus far been unsuccessful. SOL has lost
more than a quarter of its value in the previous week. This
downturn began when the price was repelled at $44, a significant
resistance level. The increased sell volume is placing a severe
burden on the bulls, who now seem absent from the market.
Market observers anticipate a reaction if the price approaches a
major support level. Suggested Reading | Dogecoin (DOGE) Could
Use Some Lift – An Elon Musk Tweet, Perhaps? 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. According to a survey by Atlas
VPN, the Solana ecosystem suffered five hacking incidents costing
$397 million in the first three months of this year. Featured image
from Crypto News AU, chart from TradingView.com
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