Solana price Recorded latest yearly Bottom at $25, Buy or Deny? 

• Solana price declined below yearly lows and the latest low was noted at $25.
• The red volume bars suggest a higher than average sell when the balance is decreasing.
• The market cap fell 11.6% to $9.98 billion in the last 24 hours.

With bitcoin and ethereum in sharp decline in the crypto market, many altcoins tend to move in the same way for the price trend. Therefore, the Solana price failed to record its highest peak above its previous swing high. Selling pressure causes the asset’s value to retreat a few steps. The digital currency seems to be bearish this week.

Over the past three months, SOL bulls have faced price rejection twice at the $38.5 resistance level. Bears often turn aggressive here, and this level is still valid as a major bullish barrier. During the retest resistance retest, the cryptocurrency was heavily sold out thus registering almost 30% above key resistance, which is at its new yearly low of $25.

Source: SOL/USDT by Tradingview

Today also bears look aggressive as Solana is down by 4.69% earlier today’s trading session. Meanwhile, digital assets are trading at $28.18 mark at the time of writing. On Balance Volume is decreasing, when red volume bars suggest more than average selling. Hence, Market cap dropped 11.6% in the last 24 hours at $9.98 Billion.

In the last 4 hours, trading volume increased by 103%, reported at $3.78 billion. This heavy selling suggests more price drop ahead if buyers lose the next support level. In contrast, the $38 level is still standing at a resistance.

Bulls Attempt to Hold SOL Price Above its Recent Bottom

Source: SOL/USDT by Tradingview

The bears threw the Solana coin before the price hit the 200-day simple moving average. Thus the price is trading below all the major SMAs on the daily price scale.

The RSI indicator is declining below the semi-line after reversing from the overbought zone. Besides, MACD showed a bearish crossover last night and the histogram also started forming lower-lows.

Conclusion

Solana price is trying to recover its costs after registering the latest 2022 bottom. However, the market sentiment is weak and further further selling is likely if buyers fail to maintain their recent lows.

Support level – $25

Resistance level – $30 and $38

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Source