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- Solana price is showing a downside break inside a falling wedge pattern on the daily price scale.
- Solana’s market cap is above $13.4 million, down 5.2% over the past 24 hours.
- The SOL/USDT pair is trading below the semi-line of the Bollinger Bands indicator on the daily price scale.
Solana’s market cap is down 4.6% in the last 24 hours. Now each rise has been turning into a sell-off for several weeks. Meanwhile, the market cap reached $13.4 billion, according to CMC data.
Solana coin price is trading in favor of sellers. On the higher time frame, SOL price is continuing a struggling selloff for over 9-weeks. Meanwhile, at the time of writing, the Solana token was trading at the $30.5 mark.
Meanwhile, SOL price action remains above a declining pattern in terms of the daily price scale. On the other hand, after a long time, this week SOL is showing a rise of 2.5%.
Trading volume bars remain above the moving average (blue) but traders saw a slight 6% drop last night, but still trading volume above $1.1 billion.
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According to data from Coinglass, the SOL futures open interest on Binance in 2022 appears to be very low. Therefore, buyers are afraid of new investments in Solana Coin. Despite the fact that the bulls are barely managing the SOL cost above the yearly low of $35 mark.
Bears attempt to record fresh low
Since the beginning of April, there has been a steady decline in SOL prices near the 20-day moving line. Thus the SOL/USDT pair is trading below the semi-line of the Bollinger Bands indicator on the daily price scale.
The daily RSI indicator is looking sideways above the oversold zone. And there is an important resistance level for it near the half-line of the indicator.
conclusion
During a trend reversal, Solana investors will face several bullish hurdles. But first, the SOL bulls need to push the SOL price above the descending wedge pattern.
Support level – $35 and $30
Resistance level – $50 and $100
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
