Solana Witnesses a 6% Decline as Bears Take Control

Solana’s present market scenario is strongly bearish. Significant cryptocurrencies hit yesterday as the crypto market continues to struggle. The altcoin remained above its major support level until Saturday, showing a 6% decrease during the last 24 hours. The previous week has been rough for the cryptocurrency as it shed 14% of its market worth. NewsBtc reports that Solana traded above its nearest support level at $34. However, the recent plunge pushed the price below the support level. The extension of the bearish scenario will lead to further lows. Investors preferred to sell their SOL assets, resulting in a price dip. A fall through the $31 mark might lead the coin to revisit the $28 price level.

The global crypto market has suffered

The global crypto market cap dipped by more than $2 million since November; the crypto market crash deteriorated the currencies’ values. Several analysts predict a bear market for the next one and a half years. The crypto market is highly volatile, and frequent price fluctuations will test investors’ patience. SOL has suffered a fate similar to some of the major currencies. NewsBtc reports that SOL was trading at $31; a fall below the $34 support level has increased the bearish momentum.

SOL’s technical indicators

A decrease in buying has vanished the bullish factors; the technical indicators suggest a strong sell-off. Investors are worried due to several external and internal factors; this hugely affects the crypto market. NewsBtc reports that SOL’s Relative Strength Index fell below 20, indicating sellers’ dominance over buyers. The Moving Average Convergence Divergence (MACD) went bearish, showing red bars below the half line. A move below the current support level could be severe for SOL, while a move above the current resistance level might cause SOL to revisit the $34 mark and higher.