Solana bears are dominating the market and as a result, SOL is expected to fall further in the coming days. Crypto support is strong at $37.7 and resistance is strong at $45.
Meanwhile, the bears are gaining ground and could dominate the market. The price of SOL recently declined from $42 to $38 and is getting quite comfortable with this range.
The negative movement is notable specifically in the $39 area as SOL remains bearish. Solana fell 5.52% overnight and is currently trading at $38.7 with a trading volume of $1,324,152,085. At press time, SOL has a market capitalization of $13,403,122,727 and is currently ranked 9e the largest coin in terms of market capitalization.
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Solana backs up to the helpline
Solana’s price, just like Bitcoin and Ethereum, demonstrated downward movement. More so, the cryptocurrency seems to be less volatile. As a result, the SOL/USD price is creeping towards the support line, implying a reversal that can potentially break the pair’s bearish move.
The price of SOL has gained bullish momentum seen in recent days. However, as the volatility seems to be simmering, the SOL value showed minimal change.
The SOL/USD pair crosses below the curve of the moving average, showing a bearish sequence. On the other hand, the market now appears to be trending lower as it moves into a negative move.
The RSI value seems stable at 49. On the other hand, the RSI score also shows a downward trend, which implies a decrease in market momentum. Additionally, the decline in the RSI score shows that selling activity has strengthened relative to buying activity.
Looks like the bears are dominating the market. The price of SOL is showing bearish action with a strong downward trend in the price in the next few days. Thus, if the bulls do not strike back quickly, the bears will snow under the market for an extended period of time.
SOL total market cap at $12.8 billion on the daily chart | Source: TradingView.com
Can SOL violate $42?
The only chance here of defeating the bears is for the price to break through the support. And that would be the time when the bulls dominate the market momentum. SOL has undoubtedly created an impressive streak over the past week, which is primarily a plus for day traders.
Now, if the SOL price bottoms out, there is a possibility of a 16% rally for the $44 price zone. However, if the bulls cannot tackle the support at the 21-day SMA, the uptrend may be a precarious stage.
At press time, the terms are neutral. If SOL can break above $42, then the bulls can rally and target $60, which can potentially induce a 66% increase in Solana’s price.
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Featured image from Exodus Wallet, chart from TradingView.com