Solana Prices South Bound; Will It Revisit $80 Soon?
Categories: Crypto News US AUSTRALIA
Solana depreciated by almost 6% over the last 24 hours as the broader market started to get choppy. Bitcoin was seen trading below the $40,000 mark while Ethereum broke the support level of $3,000.The global market currency cap stood at $1.94 Trillion after a fall of 6% over the past day.
Solana had depicted considerable recovery on charts as it broke subsequent price ceilings over the past week.The coin managed to revisit the $110 level which it hovered near thrice in the past week or so. Following the recent dip, buyers decided to exit the market as the coin witnessed a sell-off as seen on the four-hour chart.
Solana was valued at $100 at the hour of composing. The altcoin lost near 6% of its worth throughout the course of recent hours. SOL had noted a sharp recovery on the 18th of April and it challenged its resistance mark of $110.
At press time, SOL was aiming for its nearest support level of $96. The coin was trading in a descending trendline, which signifies that SOL could continue in its downward trajectory. From the four-hour chart, it signaled that Solana was undergoing a price correction.
If the bears continue to exert dominance, Solana would immediately fall by 4%. A fall from the $96 price level would push prices to $87 and then finally undergo a depreciation of 18% and land at $80. Trading volume had dipped but was in the green, which could also mean that buying pressure was increasing.
Solana was on a continued price correction as seen from the above chart. MACD which is responsible for determining the market momentum indicated bearishness in the market. On the aforementioned indicator, the coin displayed a bearish crossover at the time of writing.
The Parabolic SAR which determines a stop-loss order has demonstrated dotted lines above the price candlesticks which is synonymous with a negative price movement.