June 23, 2024

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Solana (SOL) Breaks Below $30 Support; Have Bulls Given Up So Soon?

2 min read
Solana (SOL) Breaks Below  Support; Have Bulls Given Up So Soon?
  • SOL’s price struggles to hold above key support as price trades below the region of interest for more uptrend. 
  • SOL continues to struggle as prices get rejected in a downtrend price movement after losing support to bears. 
  • The price of SOL trades below $30 first the first time after a while as the price continues its movement below 50 and 200 Exponential Moving Averages (EMA) on the daily timeframe. 

The price of Solana (SOL) hasn’t looked as strong as it should, as the price lost its key support and has tested this region on several occasions against tether (USDT). Although the uncertainty that surrounds the crypto market could be a huge factor as the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have seen a slight setback in their price movement, the price of Solana (SOL) hasn’t seen its price show some sense of relief lately. (Data from Binance)

Solana (SOL) Price Analysis On The Weekly Chart.

Most projects have not fared well in the bear market, as most have seen more than 50% price declines, discouraging most traders and investors from stockpiling these assets.

Despite massive support from great partnerships and a massive community that has continued to build and grow, the price of SOL has struggled to keep prices from falling as bulls were unable to defend key support zones.

The last rally for SOL was a spectacle for many as most investors and traders witnessed firsthand the price action showed by SOL rallying from a low of $2 to a high of $250.

After rallying to a high of $250, the price of SOL faced resistance to trend higher to a new all-time high as the price has struggled to replicate a glimpse of the rally as the price was rejected to a weekly low of $80.

The price of SOL bounced off from this low to a high of $137 but was rejected as price continued its decline to a low of $30 as price struggled to defend this region. 

Weekly resistance for the price of SOL- $45.

Weekly support for the price of SOL – $24.

Price Analysis Of SOL On The Daily (1D) Chart

In the daily timeframe, the price of SOL continued to struggle as bulls could not defend the key support region of $30.

After dropping to a low of $28, where the price formed good support, the price of SOL rallied to a high of $47, where the price was rejected and has continued to move in a range forming a descending triangle in an attempt to start its rally on a possible breakout.

The price of SOL broke out to the downside of the trend signaling the bears taking over; if the bulls fail to reclaim $30-$35, we could see the price of SOL going lower to $24-$20.

Daily resistance for the SOL price – $35.

Daily support for the SOL price – $24-$20.

Featured Image From zipmex, Charts From Tradingview