Advertisement
AD

Main navigation

Solana Drops, and This Is a Key Determinant for Its Recovery; Details

Advertisement
Wed, 9/02/2022 - 12:07
Solana Drops, and This Is a Key Determinant for Its Recovery; Details
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to a Crypto analyst, a comeback of buyers for Solana might result in a retest of a significant barrier on the four-hour chart. Solana's price dropped 4.52% in the previous 24 hours, currently trading at $111.

Advertisement
CoinMarketCap
SOL/USD Daily Chart, Source: TradingView

After rising from lows of $80.83 on Jan. 24, Solana experienced a modest reversal of the overall decline. Despite this, the upswing was considerable, but it was halted by a stiff resistance barrier around $118, causing a pullback. To reach $140, the crypto analyst believes SOL must print a sustained close above this resistance level.

Solana price action

Over the last three trading days, the price of Solana has been under constant positive pressure. As a result, buyers are gradually pushing SOL upward. SOL has recently risen to highs near $121, reducing its year-to-date losses.

A break of the $118 barrier might lead to greater gains. This time, investors should expect the price of Solana to pierce through and retest the next barrier, which is currently $140. Although the $110 support level appears to be holding, a break could result in a retest of the $94 level.

Solana stunned everyone in 2021 with its lightning-fast transaction speeds and low pricing. Solana was able to become one of the main blockchain support builders in the crypto market almost overnight as a result of this. Solana's value soared by thousands of percent, propelling it into the top 10 coins in terms of market capitalization. Solana Network has struggled to keep up with its rapid growth. This has been seen by recent network outages.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD