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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

Christian Encila
Christian Encila
3 years ago
3 mins read
Solana

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Solana bears are dominating the market and thus, SOL is expected to plummet further in the coming days. The crypto support is prominent at $37.7 and resistance is strong at $45.

Meanwhile, the bears are gaining traction and could overpower the market. SOL price has recently dwindled down from $42 to $38 and is getting quite comfortable with that range.

Negative movement is remarkable specifically at the $39 zone as SOL remains bearish. Solana has dipped by 5.52% overnight and is currently trading at $38.7 with a trading volume of $1,324,152,085. As of press time, SOL has a market capitalization of $13,403,122,727 and is currently ranked as the 9th largest coin in terms of market cap.

Suggested Reading | Bitcoin Retreats Over Last 6 Sessions As BTC Bulls Chart Their Next Move

Solana Inches Back Towards Support Line

Solana price just like Bitcoin and Ethereum has demonstrated a downward movement. More so, the cryptocurrency appears to be less volatile. Consequently, the SOL/USD price is crawling towards the support line implying a reversal that can potentially breach the pair’s bearish movement.

SOL price has swerved into a bullish momentum seen in the past few days. However, as the volatility seems to simmer down, the SOL value exhibited minimal change.

The SOL/USD pair is crossing below the Moving Average curve showing a bearish streak. On the flip side, the market now looks to be swerving downwards as it shifts to a negative movement.

The RSI value appears stable at 49. On the other hand, the RSI score is also showing a downward trend which implies a decline in market dynamics. Moreover, the drop in the RSI score shows that the selling activity has grown stronger compared to the buying activity.

Looks like the bears are dominating the market. SOL price shows bearish action with a strong tendency of price sliding further down in the coming days. So, if the bulls do not retaliate soon, the bears will snow under the market for an extended period of time.

SOL total market cap at $12.8 billion on the daily chart | Source: TradingView.com

Can SOL Breach $42?

The only chance here to overpower the bears is for the price to break the support. And that would be the time that the bulls will command the market dynamics. SOL has no doubt created an impressive streak last week which is an advantage for day traders mostly.

Now, if SOL price bottoms out, there is a possibility of a 16% rally shooting for the price zone of $44. However, if the bulls can’t grapple on the support at the 21-day SMA then the uptrend can be a precarious scene.

As of press time, conditions are neutral. If SOL can breach $42, then the bulls can rally and target $60 which can potentially induce a 66% boost in Solana price.

Suggested Reading | Cardano (ADA) Spikes 8%, Overtakes XRP In Last 24 Hours

Featured image from Exodus Wallet, chart from TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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