- Solana bears have brought its price down to $83.
- Liquidations in the SOL market have totalled $12.84M.
The major crypto assets have noticeably lost their recent gains, and while turning attention toward the altcoins, Solana (SOL) is trading on the downside. The asset’s recovery could take place only after a series of crucial retests, as the market is struggling to make a bullish move.
Currently, the price is settled within the $83.83 range, and SOL’s lowest and highest ranges are found between $80.21 and $83.75, respectively. Moreover, the trading volume is up by 23.67% to $4.7 billion. As per Coinglass data, the SOL market has seen a 24-hour liquidation of $12.84 million.
SOL’s active bearish sentiment could pull the price back below a support range at around $83.52. An extended correction on the downside might initiate the formation of the death cross, and send the asset’s price toward $82, fueling the potential bears to retrace even more.
On the upside, assuming the bulls pick up the momentum, the Solana price might jump to the $84.14 resistance. With the bullish pressure strengthening, it could target its next crucial level above $84, along with the emergence of the golden cross, which may take the price higher.
Is Solana Set for a Bullish Rebound or More Weakness Ahead?
The Moving Average Convergence Divergence (MACD) and signal lines of SOL are below the zero line, which points to a bearish market. The price action tends to be weak, with rallies not holding well. The momentum may continue downward unless it starts to shift.
Moreover, the Chaikin Money Flow (CMF) indicator at 0.03 shows slight buying pressure in the Solana market. There is a small inflow of money, with the buyers having a minor edge, but the strength is not strong. The market is leaning up unless buying steps in.
SOL’s daily Relative Strength Index (RSI) value, found at 52.91, sits above neutral, with a slight bullish lean. The move upward is steady but not powerful. Furthermore, the asset is trying to build momentum, with enough room to push higher if strength picks up.
In addition, the Bull Bear Power (BBP) reading of 1.59 implies moderate bullish pressure. The buyers are pushing the price above its average with modest strength, and it is not extreme. The Solana market would be leaning upward if buying interest holds.
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Source: https://thenewscrypto.com/solana-sol-slips-into-risk-territory-will-80-hold-or-break-under-pressure/
