- Solana fell 4%, bringing its price down to $159.
- Liquidations in SOL have totalled $13.22 million.
Bears appear to rule the crypto market, with a 3.64% slip. Whereas, the Fear and Greed Index remains at 70, reflecting greed in the market. All major assets have lost their recent gains, charted in red. Turning attention toward the altcoins, Solana (SOL) is one of the assets enduring the weight of defeat, registering a drop of over 4.52% in the last 24 hours.
Solana’s recovery could take place only after multiple crucial support and resistance tests, as the mighty bears are awake in the market. The altcoin traded at a high of around $168.34 in the early hours. With the bears in command, the price has steeply fallen toward a low range of $158.35. At the time of writing, Solana traded within the $159 zone.
With an $85.58 billion market cap, Solana’s daily trading volume has decreased by 5.21%, likely reaching $5.86 billion. In the meantime, the Solana market has experienced a 24-hour liquidation of $13.22 million, as reported by Coinglass data.
Will the Bulls Reclaim Control Over Solana?
The Solana’s active bearish sentiment pulls the price back to its former low at the $159.48 support. An extended downside correction could form a death cross, and the price slips and tests the subsequent support at the $159.40 range. Another drop fuels the bears to drop even more. Moreover, with the bullish pressure, assuming SOL jumps to $159.63, the altcoin could target its resistance above the $159.71 level. Upon breaking this resistance, the bulls might trigger the golden cross emergence, strengthening the upside correction.
The Moving Average Convergence Divergence (MACD) line has been stationed below the signal line. It indicates that the asset is losing upward strength or potentially entering a downtrend, with a possible price weakness ahead. Besides, the Chaikin Money Flow (CMF) indicator value settled at -0.13, suggesting that a negative money flow into the asset is more. Further, the market is facing moderate selling pressure.
SOL’s daily Relative Strength Index (RSI) found at 44.06 signals its neutral to slightly bearish zone. It does not hint at a strong reversal of the oversold margin. Additionally, the Bull Bear Power (BBP) reading of -5.85 implies that the bears are in control of the market, showing strong downward momentum. Also, it could likely lead to further decline unless bulls step in.
