The crypto industry has displayed a sharp fall, with the price of Bitcoin plunging below the $67,000 mark during the early trading hours today. Following this, top altcoins have followed in the footsteps of the market leader and displayed a similar trend in their respective portfolios.
On the other hand, the Solana token has displayed a significant bearish curve in its chart within the past 24 hours, indicating an ongoing correction in the cryptocurrency market.
After displaying a neutral trend for a while, the SOL price regained momentum and broke out of the resistance level, where the price traded sideways for the next five days. As the market volatility increased, the Solana price recorded a massive jump of over 75% within twelve days.
Following this, the market lost momentum, and the Solana token recorded a correction of approximately 19%. Since then, the SOL coin price has been trading in a closed range between $179.30 and $200 and is repeatedly failing to break out of its resistance level.
Furthermore, the Solana price has recorded a correction of approximately 9% in valuation within the past day, resulting in the SOL coin trading close to its support level. Moreover, this altcoin has lost approximately 5% over the past week, indicating a weak bullpower in the crypto space.
The Moving Average Convergence Divergence (MACD) displays a rising red histogram and a constant decline in the averages, highlighting an increased selling-over-buying pressure in the crypto industry.
On the other hand, the Cross EMA 50/200-day shows a neutral price movement, indicating uncertainty in the price action for the altcoin this week.
If the market holds the price above the important support level of $180, the bulls will regain momentum and prepare to retest its resistance level of $200. Furthermore, if the bulls maintain the price at that level, the Solana token will attempt to test its upper resistance level of $220 this month.
Conversely, if the bulls fail to regain momentum, the SOL price will test its support level of $180. Moreover, if the bears continue to hold power over the bulls, the price will continue bleeding and test its lower support level of 156.75 during the upcoming weeks.
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