Despite the Canadian crypto asset manager “3iQ” filing for a new Solana ETF in Canada, the SOL price has continued to display a negative price action this week. This highlights a rising disinterest of investors in this altcoin over the past few days.
With questions like “Is Solana Crypto dead?” and “Will SOL Price ever recover?” investors are raising concerns about its future prospects. Further, will the filing for ETFs of Solana act as a catalyst in regaining its lost value during the coming time?
Let’s go, as in this article, we have covered the price analysis and potential short-term price targets of SOL crypto. To find out if Solana price will achieve a new high, check out our researched and in-depth detailed article on Solana price prediction.
SOL Coin Price Forms A Bearish Pattern:
The most volatile altcoin of the crypto market, the SOL price continues trading under a bearish influence by losing 2.32% within the past day with a change of +6.10% in its trading volume. Furthermore, it has corrected 10.29% within the past seven days and 27.29% over the past month.
Furthermore, the Solana crypto has formed a rounding top pattern in the 1D time frame, indicating a rising bear power for the altcoin in the cryptocurrency space.
The technical indicator, SMA, has constantly acted as a resistance to the SOL token since the month started, highlighting a strong bearish sentiment for the altcoin.
The Relative Strength Index (RSI) has failed to surpass its neutral point with its average recording a constant decline. This has resulted in the trendline constantly heading toward its oversold range and further indicating an increase in the selling pressure in the crypto market.
Will SOL Rise Again?
If the market holds the Solana coin price above its crucial support level of $127, this could result in the altcoin regaining momentum and testing its resistance level of $155.
Moreover, if the bullish sentiment in the market increases, this could asset the SOL crypto price to rise toward its upper resistance level of $181.50.
Conversely, if the bears continue to dominate the crypto market, the Solana token will break down its crucial support level and plunge toward its lower support trendline of $100.
