Since Solana crashed to a six-month low, the price struggled to reclaim lost levels, but it failed as volatility continued to drop by the day. The trade cooled off after subjecting the market to a sideways movement.
Solana has failed to bounce back after the price collapsed to $11 this month. The price increased to around $15.1 during this week’s trading following a roughly 30% recovery in three days. It maintained a sideway movement for a while before slipping to a current trading price of $13.37.
It had gained 1% of its value over the past 24 hours. But as of now, it appears the bears are slowly stepping back into the market. The bearish footprints are well captured on the lower time frame since yesterday.
The daily price actions suggest a lack of trading activity in the market as Solana decides on the next direction. If the crypto roll over again like what we experienced earlier this month, the price could bottom at around $5 this time before it picks up.
It would need to climb above the $16 level to validate a correction before initiating a buy. A strong correction above the $20 mark could produce a nice retest at the recent break level of $25 before it resumes bearish.
Solana Price Analysis (SOLUSDT) – Daily Chart
While Solana remains in a neutral-bearish trend, $15.1 and $16 are key levels for the bulls to overcome. If they succeed, the next resistance level to watch is $18.8. The following resistance to keep in mind is $23.3.
Should the price continue to decrease in the coming week, the $11 support remains important for the bears. If the price breaks lower, a dump could come into play. The support level to look out for in this scenario is $8. It is then followed by $5, which could be the bottom of the long bearish cycle.
Key Resistance Levels: $16, $18.8, $23.3
Key Support Levels: $11, $8, $5
- Spot Price: $13.4
- Trend: Bearish
- Volatility: Low
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.