Solana has witnessed a noticeable decrease in its market value. As of the latest trading sessions, Solana is priced at $131.11, reflecting a 5.02% decline in its daily trading value.
Recent Financial Assessments
Over the previous week, the cryptocurrency saw an 18.17% reduction, culminating a month of substantial losses where it shed over 21% of its market value. The trading volume for Solana has also halved from earlier figures to $1.08 billion. This downturn in trading activity correlates with broader market sentiments that foresee further declines.
Analysts' Positions
Crypto-Scient, a cryptocurrency analyst, has pointed to a bearish pattern extending over six months, suggesting that the price may continue to drop. This trend is further evidenced by the decrease in Open Interest in Solana, which moved from $857 million to $646 million in the past week. The imbalance in long and short position liquidations also reflects a bearish sentiment, with long position liquidations amounting to $2.57 million, overshadowing the $28.9k in short positions.
Key Support and Resistance Levels
Analysts are closely watching the $110 level as a potential new low if the existing conditions persist. This level is considered critical as breaking below it could confirm a sustained downward trajectory for Solana. The support level on a monthly basis is around $120 USD, historically acting as a strong demand zone. The major resistance level is around $150 to $160 USD, where significant selling pressure has previously emerged.
Current indicators and technical patterns suggest that Solana’s price might soon test lower thresholds. Support and resistance levels will be key for further analysis and forecast.
Comments