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Terra(LUNA) Cools Down  After a Huge Rally, Solana(SOL) Price Feared to Plunge to $80 Again!

Written by: Sahana Vibhute

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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.

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Mar 4, 2022

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Highlights

    Terra(LUNA) price is currently experiencing an exhaustion and due to which a the price has withnessed a notable drain.

    Solana price yet again faked out a breakout and hence currently appearing notably bearish

Terra’s (LUNA) price nowadays has made huge headlines with its spike in the past couple of days. While it was speculated that the asset would hit the $100 milestone yet again, a significant plunge hindered the rally. On the other hand, Solana price reversed its trend much before smashing the $100 levels and feared to maintain a deep downtrend further.

Terra(LUNA) Price Analysis

Terra’s price rallied high like a monster, decoupling from the market trend and was an inch close to hitting its ATH just above $100. However, after getting rejected at $95 multiple times, the rally lost its strength and currently has initiated to plunge down. The plunge has slashed the price below $90 and moreover, the possibility of a continued plunge is clearly withnessed at the press time. But as the strong support are pretty much distinct, the possibilities of a rebound may be expected much before revisiting these levels. 

The LUNA price since it began with an uptrend, hovered along the lower trend line. It bounced previously when it touched these levels and is expected to do the same again. Currently, the accumulated red candles have compelled the price to test these levels again. On the other hand, RSI is displaying acute weakness which may further impact the rally negatively. Where-in the LUNA price may slash below the trend line, signalling a notable bearish signal. 

Also Read: Will These Factors Help Solana(SOL) Displace Terra (LUNA) By Surging More Than 45%?

Solana(SOL) Price Analysis

Solana’s price since the beginning of 2022 appeared to be less aggressive as the price maintained a silent rally. While both Solana & Terra went hand in hand before, yet currently, SOL price is manifesting a slow rally with reduced volatility. Solana earlier had broken a huge bearish trend line and manifested to surge high with strong bullish momentum. But woefully, the asset plunge back within the triangle immediately.

Currently, SOL price is attempting very hard to sustain above $90 levels and hence it is very important currently to sustain. Yet if the recent surge was another fakeout, then it may be a bearish signal for the asset which may be squeezed drastically in the coming days.

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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.

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