Will Solana Price Reach Beyond Its Key Support Level?
2022.04.12 19:07
Will Solana Price Reach Beyond Its Key Support Level?
- Solana has been breaking its key support level.
- This happened as it was trading low by nearly 22% for the past week.
- The global market cap is also moving downward.
The global crypto market has been waving a red flag for the past few months. But it has slightly surged in the last days of March, making trend-line support since January 2022. However, the global market is now down, wherein BTC, ETH, XRP, ADA, and SOL have met some unique downward trends today.
Specifically, Solana has been going through a tough market cap with a 22% weekly drop in the past few weeks. Moreover, it crossed its key support level after this drop, and what comes next is a critical question for Solana.
As of now, Solana leads in the seventh position among the top 10 cryptocurrencies. It trades around a market cap of $3.3 million and a $102.6 price value. SOL has dipped nearly by 7.51% in the past 24 hours and 23.14% in the past week.
SOL/USDT 4- hours chart (source: TradingView)
Although Bitcoin went down by 10% to reach a price of $39.8K, it currently holds trend-line support. Furthermore, if the BTC price bounces back from its current stage, SOL is expected to recover from its downtrend to reach a resistance level of nearly $140.
Notably, SOL reached its all-time high (ATH) in November 2021 with a $259.4 price hike. The crypto saw erratic price movements prior to this lucrative gain, frequently signaling the red and green flags.As mentioned, other altcoins like Cardano (-6.75%), Shiba Inu (-6.41%), Dogecoin (-5.44%), and Avalanche (-3.71%) have also plunged, making the global crypto slide in a downward trend.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
Continue reading on CoinQuora
