Altcoins

Solana(SOL) Price May Soon Be Out of the Top 10! But Wait There’s A Catch

Author: Sahana Vibhute

Sahana Vibhute right arrow

Author

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Solana price is currently trapped within a strong bearish trap that may further drag the price towards the immediate support at $33. Despite a bullish start for the week, the asset is experiencing instability that may drag the price lower.

Additionally,  Solana’s network outrage which was experienced multiple times could also have a deadly impact on the SOL price ahead. Therefore, in such circumstances, the possibility of the asset exiting the top 10 cryptos emerges. 

The network was halted as many as 12 times since the beginning of the year and the most recent one which occurred on June 01, whipped out 975 million transactions. As a result, the validators were asked to restart the system after taking a snapshot of the system during the time of reboot. 

When the market conditions are extremely uncertain, how low will the SOL price go before regaining a bullish momentum?

solanaprice

As mentioned earlier, Solana has been experiencing tough times since the beginning of 2022 and the SOL prices also underwent a notable plunge. No doubt the asset attempted to flip from the bearish trend, but failed to do so and maintained a swinging within a falling wedge. Moreover, the consolidation within the pattern appears to be pretty close to the apex and hence a notable price action towards the north may be pre-programmed. 

A falling wedge is a bullish indicator that may induce a massive bullish momentum when the prices reach the lowest support levels just below $30. However, the last line of dense still resides at around $20 which fuels the possibility of a rebound after undergoing extreme bearish pressure. With a strong rebound, the SOL price may rise again towards the resistance close to $60, slicing through the important resistance at $48. 

Collectively, Solana (SOL) pries still have a chance to rebound but the network outrages may hinder the rally ahead. A small wrong move may lead the price to test the lower support below $20 which appears unlikely at the moment.

Show More

Was this writing helpful?

No Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button