#Solana #Cryptocurrency #BearMarket #TechnicalAnalysis #MarketDowntrend #Trading #Blockchain #PriceAnalysis
Solana’s trajectory in the cryptocurrency market has caught the attention of investors as it fails to surpass its annual high, marking a notable downturn from its peak at $118.88. With its standing as the 5th largest cryptocurrency by total supply, boasting 440,961,455 SOL and a market capitalization of $58.2 million, the digital currency has faced a significant decline of over 25%. This downward movement doesn’t seem to be reversing anytime soon, raising eyebrows across the crypto community. In recent trading sessions, SOL showed a minor recovery of 2.76%, trading around $102.63, but this is still below the crucial 100-day moving average, which traditionally indicates a bearish market sentiment. This position below the moving average could signal a shift from an uptrend to a sustained downtrend, posing critical questions about Solana’s market direction.
Further technical analysis, especially on the 4-hour chart, demonstrates resistant levels at $118.88 and $114.87 that have historically influenced SOL’s price movements. A breach below the support level of $103.57 suggests that the next potential floor could be at $92.84. This is accompanied by crossover events in the MACD indicator, where both the MACD line and signal line dip below the zero line, confirming a bearish outlook for SOL. Additionally, the Bull Power vs. Bear Power Histogram indicator shows a dominance of seller momentum, further implying that Solana’s price may continue to face downward pressure. With possible support levels at $92.84 and even $79.32, the crypto market is watching closely to understand how these technical factors will influence Solana’s future price movements amidst its current bearish phase.
