- Solana’s price sees a steep downward move.
- The altcoin shows a more vulnerable bullish defense.
- SOL needs a move that breaches $99 to invalidate the bearish case.
Solana’s price endures one of the massive sell-offs within the cryptocurrency market. The alt seems prepared for more severe drops despite optimism by the community on social media. SOL might crash towards $63 if the current conditions persist.
Solana Price Has Fragile Bullish Defense
While writing these lines, SOL price appeared weaker than other cryptos in the space. Bears have erased each bearish narrative predicted since the $140 April highs. Evaluating the prevailing drop shows bears planning to remove all retail liquidity near $80, then $70. Unfortunately, a crash to $60 for SOL will not be a surprise in the upcoming weeks.
Solana is yet to present optimism as far as technical indications are concerned. The alt saw its enormous countertrend candlestick yesterday before closing at the $89 mark. Today, SOL failed to establish price actions at the range’s topside limit, signaling massive bearish dominance. Also, the volume indicator shows bulls are unwilling to defend Solana’s current level.
Also read:Solana’s plunging slope predicts a downside target at the $63 value area. Meanwhile, only a breach of the $99 level will invalidate the token’s downtrend. If bulls dominate around this territory, SOL could witness a countertrend rally towards $115. That would mean a 30% upsurge from the token’s current price.
For now, SOL’s road with fewer obstacles is the downside. While writing this content, Solana exhibits plunging trends, trading at $87.17, following a 3.42% crash within the past 24 hours. The alt dropped 13.84% over the previous week. Solana appears weak as bears dominate its marketplace. Moreover, bulls are uninterested in preventing more drops for the token.
Though Solana appears to suffer severely, it reflects the situation in the overall crypto marketplace. The cryptocurrency industry seems to extend April’s struggle to May. While publishing this content, the market cap of all digital tokens stood at $1.74 trillion, with a slight 0.08% drop within the previous day. Such developments would back SOL’s downside journey.
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