Solana Price Has Triggered a bearish Breakout

by | Jul 30, 2022 | Market, Market News, News, Solana | 0 comments

The volatility of the crypto market has taken place since last year. Since 2022, the global crypto market has been struggling to retain its value. From Bitcoin to other first forwarding cryptos are continuously trying to raise their prices. But the bearish sentiment is not stopping itself. Though a bullish run has been predicted by several experts. But looking at the current trend in the global crypto market it is quite confusing which trend will it follow in the upcoming months.

The cryptocurrency Solana is not an exception in this situation. This currency has also been facing huge volatility during this downfall of the crypto market. Its sudden price created a bullish trend for a small phase. Then the constant ups and downs are indicating a bearish breakout in the upcoming months. But the rise of its trading rate indicates a short bull run also.

Volatility Took Place Last Month :

Last month of this year a breakout of selling pressure captured the market. Investors started to sell their holdings. This sudden selling pressure led the market to bullish sentiment. But it was a temporary change in the Solana market. The sell-off initially indicated an upcoming bearish trend in the Solana crypto. This anticipation took place at the same time. After a noticeable selling pressure, the market began to fall. Solana was pulled back and became more volatile in its rate. The volatility created another chaos on the platform.

It Reached A Symmetrical Triangle :

In the month of 2022, Solana had its remarkable highs and lows. It got lower highs and lower lows. These indicated a downward trend in the Solana marketplace. The downtrend also signaled an upcoming bearish movement in the market.

After this trend, on June 14 this year, Solana tried to recover with its best effort. The price fell to $25.71. In this condition, the bears were in a favorable situation. But Solana was falling in its lower trend line. After a recovery effort, it succeeded to rally 66% of the market and pushed to $38.03. This was the resistance level of that time. Whereas the support level tended to be at a higher risk. After touching the roof of $38, Solana dropped at its support level by decreasing by 28%.

After a week Solana was up wording like before. During mid-June, this year, it again increased to $42.89. But on June 24, Solana again dropped in. The price was $30.

In the last period of the month, on June 30, Solana was trying to move up slowly. Again it got to the next resistance level. Though that was quite lower than before but same as the first of the month. It touched $38.03.

After getting the roof, it was predicted that bulls will trigger the market at a 30% upswing. Where it could get a high resistance level at $47.43.

Investors are keeping their eyes on Solana’s trend. But it should be on Bitcoin also. Because the current trend of Bitcoin is not a favorable signal. The ups and downs in Bitcoin are also confusing like Solana. Though the span matters in both.

The bearish sentiment was controlling the Solana marketplace for a whole month. In the next month, Solana came across another condition. From July 1, it again went through selling pressure indicating a bullish trend. Though the forecast of a bearish outcome was already there.

On July 11, Solana got three lower highs and two lower lows. Which led the market to reach a symmetrical triangle setup. The connection of the trend line among three highs and two lows created a symmetrical triangle.

After this condition, experts anticipated that Solana could go through a 39% crash. That led the market to drop to $21.25. This lower support level created an expectation to get resistance at $31.62. According to experts, this weak resistance level would be the first hurdle. Which might have fallen to $24.52.

Still, It Indicates A Bearish Trend :

The symmetrical triangle has already indicated an upcoming bullish trend. It was predicted that the market could get to a resistance level of $47.43.

Recent data says bulls managed to push the market to $41. Though Solana is still running at a loss of more than 3%. That is not enough trend line to be the bulls in the market. It ultimately signaled a bearish momentum still dominating the Solana marketplace.