From the last month of 2021 to the present time, the global crypto market has been struggling to get a bullish run. All the top cryptocurrencies like Bitcoin, Ethereum, and Solana are suffering from constant volatility in the market. This affects massively the other small-scale cryptocurrencies. Last November, the global crypto market had its market cap at $3 trillion. By the time of the new year, this digit fell to less than $1 trillion. Several downfalls of the first listed currencies led to this condition remarkably.
Now along with BTC and ETH, Solana (SOL) is also struggling to get its bull trend. Though it got a resistance level tentatively. But the lower support levels become one of the main hurdles. The price breakout raises one of the crucial concerns for SOL investors.
Overview Of SOL Price This Year :
In June 2021, SOL traders went through noticeable volatility. A light price increase led the investors to create selling pressure. The sell-off temporarily existed and kept it as a bull trend. Though, the selling pressure ultimately pulled down the price. Here the volatility phase started again.
Before that, SOL got its lower lows and lower highs in May 2021. Lower highs and lower lows are an indication of the downtrend of the market. It is forecasted as SOL will be gone through again a downtrend. But in June, SOL tried hard to push it up from the trending price. At that time it was trading at $25.71. It was initiated to recover the rate. After a time, SOL got its resistance at $38.03. This resistance was favorable for that time. But the forecasting was stating another concern which was a 28% drop in the support level.
In that month, SOL succeeded to get resistance at $42.89. But the bearish sentiment led the market into a massive fall and got support at $30.
By the last period of June, SOL again tended to move gradually to the upside. Before that, SOL got the resistance again at $38.03. Then in the next trend, it was expected that SOL would have higher resistance at $47.43. The prediction indicated the bulls were there to swing the market 30% up. Though Solana had a coll-up phase for more than one month.
From July 2021, the selling pressure was again high. The bears had an unfavorable situation at that time. Though the high sell-up was forecasting a bearish sentiment.
By July 11, the symmetrical triangle pattern of the trend line was indicating an upcoming market crash. SOL got three lower highs and two lower lows. This symmetrical triangle was predicted to have an upcoming crash of 39%. That was assumed to fall at $21.25. It means nearly 40% of the market crash could happen and the price could fall to $21.25. After this crash, the prediction says that it will find support at $31.62. And this will be its first hurdle suppressing not to go ahead to a bullish run.
Even that, it could again fall at $24.52. though the symmetrical triangle indicates a bullish breakout. But the volatility and the recent breakout indicate that SOL is due for a nearly 40% crash to $21.25.
The crypto expert, Justine Bennette stated that SOL could fall by 36.8% and it will get resistance between $37.40 to $39.25. Later, it could fall to the $20 level.
Although, the massive volatile market is the main obstacle to getting an ideal prediction. But it is anticipated that the trends could be near to the predictions. BTC and ETH are already in their volatility. These top coins’ ups and downs created different chaos in other crypto platforms. Though some coins are getting their bullish trend often and investors are shifting to those specific platforms.