The Crypto Market Faces Strong Bearish Price Action
The crypto market has continued to display a strong bearish price action, recording a correction of approximately $90 billion in valuation within the past 24 hours. Furthermore, the market leader, Bitcoin, has recorded a 24-hour low of $57,932, indicating increased negative influence.
Solana (SOL) Price Takes a Hit
On the other hand, the Solana (SOL) price has emerged as the top loser among the top 10 cryptocurrencies, with a drop of $5.805 billion (-8.53%) in its market cap. This raises the question: has the SOL price reached its low, or will it continue to lose value this week?
SOL Coin Price Forms An Inverted Cup And Handle Pattern
The Solana price has recorded a plunge of approximately 13% within the past 48 hours, highlighting a strong bearish reversal in the crypto space. Additionally, it has formed an inverted cup and handle pattern on the 1D time frame and continues to trade within it, indicating uncertainty in future price action.
Key statistics:
- Correction of 8.55% within the past 24 hours
- Trading volume: $3.136 billion (a change of 34.78%)
- Neutral price action within the past seven days
- Plunge of 18.69% in valuation over the past 30 days
The technical indicator, SMA, has displayed a negative crossover in the 1D time frame, highlighting increased bearish price action for the SOL coin price in the crypto market.
Moreover, the Moving Average Convergence Divergence (MACD) has recorded a constant decline in the green histogram, indicating an increase in the selling-over-buying pressure in the crypto space. Further, the averages show a potential bearish convergence, suggesting a negative outlook.
Will SOL Price Ever Go Up Again?
If the bears continue to dominate the crypto market, the Solana price will drop toward its crucial support level of $127. Furthermore, if the market fails to hold the SOL crypto price at that level, it will plunge toward its low of $100 during the upcoming weeks.
On a positive note, if a bullish trend reversal occurs, the Solana crypto will regain momentum and test its resistance level of $155. Maintaining the price at that level will set the stage for the SOL price to attempt to test its upper resistance level of $181.50 in the coming time.
