Solana (SOL) Price Rally Weakens, Might Test Resistance at $200!
- Solana’s price violated the uptrend line around $230.
- The price must hold around $202, or it will fall below $190.
The crypto market is experiencing a correction that has pulled most assets. Bitcoin is on the brink of dropping below $60,000 but is holding firm. Thus, the top 10 cryptos, including Solana, are going southwards. After a long decline, the SOL price finally broke through $200.
The asset had been trending upward since the start of the current trading month. A big drop sent the price below $220 a few days ago. But it survived the trembling and recovered the losses. The massive sell-off again drowned the price as it approached the important $250 levels.
Solana’s price violated the uptrend line around $230 and fell little. It is still on an upswing, but it is already turning. The crypto needs to break the triangle and reach $250. The asset might regain momentum and reach its ATH at $260 if the uptrend resumes.
Nearing Critical Levels
Alternatively, if the cryptocurrency continues to move south, which is probable, $200 levels may be at risk. With the selling pressure increasing, the SOL price may lose a considerable share. The price must hold around $202, or it will fall below $190.
Collectively, Solana price is drifting near-critical zones, requiring a breakthrough to reverse the negative trend. However, the present decline may be a temporary setback, and a comeback may be imminent. According to CoinMarketCap, the Solana price today is $223.17 USD with a 24-hour trading volume of $3,382,779,803 USD. Solana has been down 6.60% in the last 24 hours.
The post has appeared first on thenewscrypto.com
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
