After trading under a strong bullish influence for several months, the Solana token concluded April on a bearish note by losing over $20 Billion in valuation during this time. Further, the SOL price continues to hover close to its crucial support level, indicating a bear power in the crypto space.
The Solana blockchain experienced this drop in valuation after its network’s latest update failed to fix its congestion issue. This triggered an increase in the SOL token’s selling pressure within the crypto space.
The SOL price continues to display a bearish trend by recording a correction of 7.13% within the past day. Moreover, this altcoin has lost 21.13% within the past week and 37.59% over the past 30 days, indicating a strong bearish influence for the Solana token in the crypto space.
The Solana price has formed an inverted cup and handle pattern in the 1D time frame, which means the altcoin shows a high possibility of strong negative price action this week. On the other hand, the EMA 50-day records a bearish curve, highlighting a bear power in the crypto industry.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram, indicating an increase in the selling pressure within the crypto space. Furthermore, the averages show a bearish curve, suggesting the altcoin will continue losing value in the coming time.
If the market holds the SOL coin price above its crucial support level of $127, the bulls will prepare to test its resistance level of $156.25 by the coming weekend. Maintaining the price at that level will set the stage for the Solana token to attempt to test its upper high of $180.75 in the upcoming time.
However, if the bears continue to dominate the crypto market, the SOL price will lose momentum and plunge to test its lower support level of $100 this month.
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