Solana shows potential for a drop below $129
The post Solana shows potential for a drop below $129 appeared on BitcoinEthereumNews.com.
Disclosure: This article does not represent investment advice. The content and materials featured on this page are for educational purposes only. Solana has dropped 25% in a month, struggling to recover critical levels, raising concerns among investors as it trades at $134. Solana (SOL) has been on a downward trajectory over the past month, seeing its value decrease by 25%. The cryptocurrency has been unable to climb above critical technical levels, indicating that it may continue to face significant challenges ahead. This decline has sparked concerns among investors and traders alike, as Solana had previously been one of the most promising blockchain networks due to its high throughput and low transaction costs. However, recent market conditions have proven difficult for the asset, leading to questions about its short-term prospects. At the time of writing, SOL is trading at $134 SOL-USDT on Gate.io exchange. Persistent downward pressure on Solana The last 30 days have been particularly challenging for Solana (SOL), with the cryptocurrency consistently trading below key moving averages. On August 27, SOL attempted to rally but ultimately failed, falling beneath the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA). Currently, these moving averages are positioned at $147.72 for the 20-day EMA and $155.74 for the 50-day SMA, both of which SOL has been unable to surpass convincingly. This failure to breach these resistance levels has only added to the bearish sentiment surrounding the token. Moving averages are critical tools for traders, serving as indicators of market momentum. When an asset like SOL remains below these averages, it typically encounters substantial selling pressure, making it difficult for the price to gain upward traction. This has been evident in SOL’s performance, as a brief rally on August 24 quickly lost steam, leading to a retreat below these resistance…
Filed under: News - @ October 29, 2024 9:27 pm