Solana has been facing severe sell-offs since its April highs, with sellers breaching major supports and turning them into resistance. The following few candlesticks will be key in confirming either a near-term rebound or a continuing slide as the alt continues its downward path.
On June 15, the Federal Reserve raised interest rates by 75 basis points, stepping up its fight against inflation. Powell hinted at another rate hike in July, but he emphasized that the 75-basis-point lift is unusually large, and he does not expect such large increases to be repeated. The crypto market, including Solana, has suffered considerable losses over the previous month as a result of systemic issues both within and outside the industry.
The cryptocurrency market is currently valued at $928 billion dollars. “Extreme fear” remains the dominant mood, according to the Crypto Fear and Greed Index, which has reached its lowest level of 7. Solana’s leading protocol, Solend, has experienced huge inflows despite its TVL dropping 21% in the last month. This is a positive sign for the Solana ecosystem and, as a result, the SOL token. Let’s take a look at the SOL price
SOL Price Prediction
Solana price has been declining since July 2021, as bears have pushed the “centralized Ethereum killer” into an unprovoked zone. Its current price is $30, which is down 88 percent from its all-time high of $259.90. It’s stuck between the $25.83 weekly support level and the $35.62 weekly resistance level.
The bulls must drive the price over $35.62, or the bears may push the price below $17.21 due to a lack of liquidity. A breach over the $48.14 level invalidates the downtrend. A break of this level might spark a rally all the way to $59.26. SOL‘s daily or weekly price candle must close above $35.62 for us to be optimistic.
And for our best, freshest research on NFT buys, Layer 1 chains, DeFi, or games, come check out Altcoin Buzz Access. Plans start at only $99 per month
For more information on cryptocurrency, visit the Altcoin Buzz YouTube channel.
Images courtesy of TradingView.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided.
Do your own due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd. All rights reserved.
