Solana Plunges to $33 Amid Sell-off in Crypto Space – Quick Daily Outlook

Solana was in a slump when the bulls lost pace after it went below the $38 support line. The coin dropped by 4% in the previous 24 hours and 8% in the last week. Solana’s price was pushed to $33, but the currency traded barely above the support line at press time.

BITCOIN, like the altcoins, struggled to break through the $20,000 barrier. Broader market weakness continues to add to cryptocurrency bearish pressure. Solana SOL/USD had established an ascending triangle on the daily chart but managed to break below it.

If the coin continues on its current path, it may go below the $30 threshold. The altcoin’s current critical support level is $33. On the daily chart, buying pressure decreased as SOL fell. The worldwide cryptocurrency market valuation is now $924 billion, down 3.1 percent in the last 24 hours.

Solana (SOL/USD) Technical Outlook

At the time of writing, SOL/USD was trading at $33.35. It has crept dangerously near to the critical price floor of $33. If the price falls below $33, SOL can drop to $30, then to $27.

SOL broke below the ascending triangle due to growing bearish vigor. On SOL’s chart, continued bearish movement could result in another 18% drop. However, the bearish thesis may be refuted if Solana manages to break through the $34 price level and break through the $38 price barrier.

The first point of resistance was $34, followed by $38. Solana trading volume fell slightly, but the bar remained green, indicating that buyers were still attempting to hold their place on the chart. Good luck!