- Price movement at the moment suggests that bulls have been mostly fatigued.
- If the price breaks below the $21.6 support level, then it will likely test the $20.4 mark.
The price of Bitcoin did not see enough volatility over the weekend to push it beyond $28,000 as bearish sentiment looms. Moreover, the bulk of altcoins, including the top 20, have been stuck in a flat trend, with an inclination towards the downside.
An in-depth analysis of the Solana ecosystem, including research into on-chain data, network advancements, and other results, was recently released by on-chain analyst Nansen. The research demonstrates that despite setbacks like network outages and the FTX drama, the Solana blockchain has shown remarkable resilience and continual advancements, maintaining a perfect uptime so far YTD.
Nansen started its report published on October 5 by pointing out that Solana’s current TVL is $30.95 million, roughly twice the data from earlier in the year.
Bears Dominate
In September, the price of Solana dropped dramatically, and it was widely anticipated that it would reach and test the $15 support level. However, a recovery began around $17.38, leading to a splendid increase. Price movement at the moment suggests that bulls have been mostly fatigued.
At the time of writing, SOL is trading at $22.40, down 4.40% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 12.75%. The price has been facing severe selling pressure. If the price manages to go past the recent high of $24.4 then a fresh rally is on the cards. It will likely test $25.3 in such a scenario.
Conversely, if the price breaks below the $21.6 support level, then it will likely test the $20.4 mark. Further decline will likely result in price testing $18.7 level support level.
