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<p>The post <a href="https://coinpedia.org/price-analysis/solana-stuck-under-a-bearish-influence-can-sol-price-recover/">Solana Stuck Under A Bearish Influence! Can SOL Price Recover?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The cryptocurrency industry continues to experience a significant correction with top altcoins constantly hovering close to their important support levels. Furthermore, the market leader, <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin price</a>, continues to hover close to its $61K market, suggesting a negative outlook for the crypto market in the coming time.</p> 
<p>On the other hand, the <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/">Solana price</a> has displayed a significant plunge of over 30% in valuation since its new yearly high, resulting in the top altcoins from the Solana ecosystem recording a similar trend.</p> 
<h2 class="wp-block-heading" id="h-sol-price-on-the-verge-of-testing-its-crucial-support-level">SOL Price On The Verge Of Testing Its Crucial Support Level!</h2> 
<p>Solana experienced a neutral price action by trading in a closed range between $83.75 and $121.35 for about two months. As the volatility in the market grew, the bulls recorded a jump of 113.86%, from $98.40 to $210.44 within the next 23 days.</p> 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/12C89efiPVj05CnRMtA5nc_pxT2qz6i_AII_DDaD1Mul-57tIINYA9zWqInt6mtN0r3ByFU8VRxlIJKiwrP2ksZR0vJLXA2Hxmw-oDiztGSAyz7lW-fqsq7oaRr4xoXEyeTcmWxU-mgmc37mZ_CcsRI" alt="Solana Price Analysis">
 <figcaption class="wp-element-caption">
  TradingView: SOL/USDT
 </figcaption>
</figure> 
<p>Following this, the bulls lost momentum and traded in a closed range between $175.75 and $200 for over three weeks, highlighting weak buying and selling pressure for the altcoin in the market. Since then, the <a href="https://markets.coinpedia.org/solana/">SOL price</a> has been trading under a bearish influence and has recorded a correction of 38.16% in valuation.</p> 
<p>Also Check Out : <a href="https://coinpedia.org/price-analysis/solana-cardano-appear-bearish-ahead-of-bitcoin-halving-what-if-they-drop-below-their-key-resistance/">Solana &amp; Cardano Appear Bearish Ahead of Bitcoin Halving, What if They Drop Below Their ‘Key-Resistance’?</a></p> 
<h2 class="wp-block-heading" id="h-solana-s-market-sentiments">Solana’s Market Sentiments:</h2> 
<p>The Cross EMA 50/200-day displays a bearish curve in the chart, indicating a negative price action for the altcoin during this week.</p> 
<p>On the other hand, the technical indicator, MACD, shows a constant red histogram, highlighting a strong bearish influence in the crypto space. Moreover, the averages display a significant decline, suggesting the price will continue losing value in the coming time.</p> 
<h2 class="wp-block-heading" id="h-is-sol-price-still-alive">Is SOL Price Still Alive?</h2> 
<p>If the market holds the price above the support level of $121.35, the bulls will regain momentum and prepare to test its resistance level of $151.25. Furthermore, if the bulls dominate the market, it will further rise and prepare to test its upper resistance level of $175.75.</p> 
<p>Negatively, if the bulls fail to regain power, the price will fall to test its support level of $121.35. If the bears continue to hold power over the bulls, the price will further plunge and prepare to test its lower support level of $100 this month.</p> 
<p>Read More : <a href="https://coinpedia.org/price-analysis/solana-price-analysis-bears-trying-hard-to-suppress-the-bulls-will-sol-price-drop-below-120/">Solana Price Analysis: Bears Trying Hard to Suppress the Bulls, Will SOL Price Drop Below $120?</a></p>

Solana Stuck Under A Bearish Influence! Can SOL Price Recover?

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