The cryptocurrency market has taken a bearish turn as the second week of July unfolds. Bitcoin, the market leader, has undergone a significant pullback towards the $56,000 range, reflecting a similar trend in Solana (SOL) prices which have corrected notably. Investors are uncertain whether Solana's price will reverse its bearish trend or continue to decline.
Solana Price Trends
Amidst the market correction, Solana's price has dropped by 4.61% in the last 24 hours with a trading volume of $2.265 billion, marking a 9.53% increase. Over the past week, SOL has seen a 10.48% decrease and a significant 18.90% decline in the last 30 days, emphasizing the bearish pressure on the altcoin.
Since mid-April, Solana's price has remained within a narrow range, showcasing a lackluster performance in the crypto market. The altcoin has established a resistance zone above $155, indicating strong selling activity at that level. Conversely, substantial buying interest has appeared near the critical support level around $120, hinting at a potential bullish reversal.
The Moving Average Convergence Divergence (MACD) indicator exhibits a flatline on the price chart, implying weak buying and selling pressures for SOL. The moving averages indicate a neutral trend, reflecting uncertainty about future price movements.
The 50-day Exponential Moving Average (EMA) consistently acts as a resistance on the 1-day chart for Solana's price, while the 200-day EMA serves as a vital support level. This divergence in EMA behavior signals mixed market sentiments for the altcoin.
