Solana

<ul><li>Trading volume&#39;s decline hints at diminishing market enthusiasm for Solana.</li><li>Broader market correction aligns with Solana&#39;s recent bearish undertones.</li><li>Immediate support levels remain crucial for potential bullish reversals.</li></ul>Recent market data unveils <a href="https://cryptotale.org/solanas-promising-trajectory-insights-milestones-and-potential-breakout/" rel="noopener noreferrer nofollow">Solana&#39;s</a> struggle against a prevailing bearish influence. Despite bullish attempts, the price has found it challenging to climb past specific points, notably the $20 mark, signaling a strengthening bear grip. Recent market patterns further solidify this trend as Solana slipped below a previously rising trendline, now trading beneath the formidable $20 resistance.In a more in-depth look, after reversing from the 50-day EMA, Solana&#39;s price confirmed the presence of a downtrend channel. This significant slump of 35% saw the price drop from a recent high of $27 down to the support at $17.27. Such declines breaking essential EMAs, culminating in a dreaded death cross, raise eyebrows. Additionally, a discouraging pattern emerged when the latest optimistic rally failed to surpass the 50-day EMA.Current statistics show Solana <a href="https://coinmarketcap.com/currencies/solana/" rel="noopener noreferrer nofollow">trading</a> at a price of $19.72, marking a 1.8% decrease over the last day. Additionally, a noticeable 12% reduction in trading volume over the same period suggests a waning market enthusiasm that leans more towards a bearish sentiment. The current trading volume is approximately $3.29 billion, with Solana&#39;s market capitalization pegged at nearly $5.95 billion.Reflecting on the past week, Solana experienced an impressive 15% revival, briefly touching the $20 mark. However, the dual resistance from the 50-day EMA and the psychological $20 level induced a rapid 4% downturn. This decline coincided with the broader market correction, mirroring Bitcoin&#39;s drop below $27K and forming a bearish channel emphasized by a bearish engulfing.Read full article <a href="https://cryptotale.org/solanas-struggle-continues-20-barrier-reflects-prevailing-bearish-pressure/" rel="noopener noreferrer nofollow">at CryptoTale.</a>

Solana's Struggle Continues: $20 Barrier Reflects Prevailing Bearish Pressure

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