Solana

<ul> 
 <li><strong>Bullish breakouts may occur if buyers successfully retake the $19.76 level.</strong></li> 
 <li><strong>The decline in the SOL price follows a falling channel pattern, with lower highs and lows.</strong></li> 
</ul> 
<p>Total Value Locked (TVL) in the Solana ecosystem has increased recently, yet DEX volumes have dropped significantly. Given the importance of these numbers to a DeFi network’s health, the decline in DEX activity in Solana’s DeFi landscape has sparked some worry.</p> 
<p>SOL’s price had shown surprising resilience and recovered at a rapid pace this month. Even more intriguing is the fact that the surge had taken place amid concerns that <a href="https://thenewscrypto.com/solana-sol-debunks-ftx-liquidation-concerns-with-12-rally/" target="_blank" rel="noreferrer noopener">FTX</a> may liquidate a significant amount of SOL tokens. SOL has seen an unexpected influx of investor interest, which bodes well for the token’s price.</p> 
<h3 class="wp-block-heading" id="h-bears-regain-control">Bears Regain Control</h3> 
<p>However, the <a href="https://thenewscrypto.com/solana-sol-price-prediction" target="_blank" rel="noreferrer noopener">SOL</a> price experiences a downward trend, culminating in a death cross, if it is unable to maintain a positive trend above $20. In addition, the decline in the Solana price follows a falling channel pattern, with lower highs and lows occurring at regular intervals.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/09/SOL_7D_graph_coinmarketcap-2.png" alt="" class="wp-image-83015" srcset="https://thenewscrypto.com/wp-content/uploads/2023/09/SOL_7D_graph_coinmarketcap-2.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/09/SOL_7D_graph_coinmarketcap-2-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/09/SOL_7D_graph_coinmarketcap-2-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noreferrer noopener nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div> 
<p>Although the SOL price did rebound by 12% a few weeks back, the bears have since regained control. A short-term range, consolidation, and further climb in SOL are the best case scenario for bulls for now. At the time of writing, SOL is trading at $19.20, down 0.70% in the last 24 hours as per data from CMC. Moreover, the trading volume is down 4.38%.</p> 
<p>Bullish breakouts may likely occur if SOL price successfully breaches the $19.76 level. If the price breaks out to the upside, it will likely test the $20.50 resistance level. On the other hand, if the price breaks below the $18.70 support level then it will likely decline all the way till $17.50 mark.&nbsp;</p>

Solana (SOL) Price Struggles as Bearish Sentiment Looms

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