SOL price is struggling to hold above key support as price is trading below the region of interest for a larger uptrend.
SOL continues to struggle as prices are rejected in a downtrending price move after losing support to the bears.
SOL price is trading below $30 first for the first time after a while as the price continues its move below the 50 and 200 exponential moving averages (EMA) on the daily time frame.
Solana (SOL) price has not looked as strong as it should as the price lost its key support and has tested this region on several occasions against Tether (USDT). Although the uncertainty surrounding the crypto market could be an important factor, since the price of Bitcoin (BTC) and other crypto assets such as Ethereum (ETH) have suffered a slight reversal in their price movement, the price of Solana (SOL) has not changed. I haven’t seen its price show any sense of relief lately. (Binance data)
Solana (SOL) price analysis on the weekly chart.
Most projects have not fared well in the bear market as most have seen price declines of over 50% which discourages most traders and investors from hoarding these assets.
Despite massive support from large associations and a massive community that has continued to grow and grow, SOL price has struggled to keep prices from falling as bulls failed to defend key support zones.
The latest SOL rally was a spectacle for many as most investors and traders witnessed first hand the price action displayed by SOL rising from a low of $2 to a high of $250.
After rallying to a high of $250, SOL price faced uptrend resistance to a new all-time high as price has struggled to replicate a glimpse of the rally when price was rejected to a weekly low of $ 80.
SOL price bounced from this low to a high of $137, but was rejected as price continued to drop to a low of $30 as price struggled to defend this region.
Weekly resistance for the price of SOL- $45.
Weekly support for the price of SOL – $24.
SOL price analysis on the daily chart (1D)
SOL daily price chart | Source: SOLUSDT at Tradingview.com
On the daily time frame, SOL price continued to struggle as the bulls failed to defend the key $30 support region.
After falling to a low of $28, where the price formed good support, SOL price rose to a high of $47, where the price was rejected and has continued to move in a range forming a descending triangle in an attempt to start your recovery. about a possible breakup.
SOL price broke out to the downside of the trend, indicating that the bears took control; If the bulls fail to recover $30-$35, we could see SOL price drop to $24-$20.
Daily resistance for SOL price – $35.
Daily support for SOL price: $24-$20.
Zipmex Featured Image, Tradingview Charts
This post Solana (SOL) breaks below the $30 support; Have the bulls given up so soon?
was published first on https://www.newsbtc.com/analysis/solana-sol-breaks-below-30-support-have-bulls-given-up-so-soon/