The crypto market has continued to display a strong bearish price action by recording a correction of approximately $90 Billion in valuation within the past 24 hours. Furthermore, the market leader, Bitcoin price, has recorded a 24-hour low of $57,932, indicating increased negative influence.
On the other hand, the Solana (SOL) price has turned out to be the top loser among the top 10 cryptocurrencies with a drop of $5.805 Billion (-8.53%) in its market cap. Has SOL price reached its low or will it continue to lose value this week?
The Solana price has recorded a plunge of approximately 13% within the past 48 hours, highlighting a strong bearish reversal in the crypto space. Moreover, it has formed an inverted cup & handle pattern in the 1D time frame and continues to trade within it, indicating uncertainty in future price action.
The Solana price has recorded a correction of 8.55% within the past 24 hours with a trading volume of $3.136 Billion, a change of 34.78%. Further, it has displayed a neutral price action within the past seven days and has plunged 18.69% in valuation over the past 30 days.
The technical indicator, SMA, has displayed a negative crossover in the 1D time frame, highlighting increased bearish price action for the SOL coin price in the crypto market.
Moreover, the Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram, indicating an increase in the selling-over-buying pressure in the crypto space. Further, the averages show a potential bearish convergence, suggesting a negative outlook.
If the bears continue to dominate the crypto market, the Solana price will drop toward its crucial support level of $127. Furthermore, if the market fails to hold the SOL crypto price at that level, it will plunge toward its low of $100 during the upcoming weeks.
Positively, if a bullish trend reversal occurs, the Solana crypto will regain momentum and test its resistance level of $155. Maintaining the price at that level will set the stage for SOL price to attempt to test its upper resistance level of $181.50 in the coming time.
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