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

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.

SOL/USD

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!

ABOUT THE AUTHOR See More
Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst. Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.

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