The cryptocurrency industry continues to experience a significant correction with top altcoins constantly hovering close to their important support levels. Furthermore, the market leader, Bitcoin price, continues to hover close to its $61K market, suggesting a negative outlook for the crypto market in the coming time.
On the other hand, the Solana price has displayed a significant plunge of over 30% in valuation since its new yearly high, resulting in the top altcoins from the Solana ecosystem recording a similar trend.
Solana experienced a neutral price action by trading in a closed range between $83.75 and $121.35 for about two months. As the volatility in the market grew, the bulls recorded a jump of 113.86%, from $98.40 to $210.44 within the next 23 days.
Following this, the bulls lost momentum and traded in a closed range between $175.75 and $200 for over three weeks, highlighting weak buying and selling pressure for the altcoin in the market. Since then, the SOL price has been trading under a bearish influence and has recorded a correction of 38.16% in valuation.
The Cross EMA 50/200-day displays a bearish curve in the chart, indicating a negative price action for the altcoin during this week.
On the other hand, the technical indicator, MACD, shows a constant red histogram, highlighting a strong bearish influence in the crypto space. Moreover, the averages display a significant decline, suggesting the price will continue losing value in the coming time.
If the market holds the price above the support level of $121.35, the bulls will regain momentum and prepare to test its resistance level of $151.25. Furthermore, if the bulls dominate the market, it will further rise and prepare to test its upper resistance level of $175.75.
Negatively, if the bulls fail to regain power, the price will fall to test its support level of $121.35. If the bears continue to hold power over the bulls, the price will further plunge and prepare to test its lower support level of $100 this month.
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