Solana

Bitcoin

<ul>
 <li><strong>Price movement at the moment suggests that bulls have been mostly fatigued.</strong></li>
 <li><strong>If the price breaks below the $21.6 support level, then it will likely test the $20.4 mark.</strong></li>
</ul>
<p>The price of Bitcoin did not see enough volatility over the weekend to push it beyond $28,000 as bearish sentiment looms. Moreover, the bulk of altcoins, including the top 20, have been stuck in a flat trend, with an inclination towards the downside.</p>
<p>An in-depth analysis of the Solana ecosystem, including research into on-chain data, network advancements, and other results, was recently released by on-chain analyst Nansen. The research demonstrates that despite setbacks like network outages and the <a href="https://thenewscrypto.com/ftx-employees-uncovered-backdoor-months-before-collapse-report/" target="_blank" rel="noopener noreferrer nofollow">FTX</a> drama, the Solana blockchain has shown remarkable resilience and continual advancements, maintaining a perfect uptime so far YTD.</p>
<p>Nansen started its report published on October 5 by pointing out that Solana’s current TVL is $30.95 million, roughly twice the data from earlier in the year.</p>
<h3 class="wp-block-heading" id="h-bears-dominate">Bears Dominate</h3>
<p>In September, the price of <a href="https://thenewscrypto.com/solana-sol-price-skyrockets-inches-closer-to-25-key-level/" target="_blank" rel="noopener noreferrer nofollow">Solana</a> dropped dramatically, and it was widely anticipated that it would reach and test the $15 support level. However, a recovery began around $17.38, leading to a splendid increase. Price movement at the moment suggests that bulls have been mostly fatigued.</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/2023/10/SOL_1D_graph_coinmarketcap.png" alt="" class="wp-image-83547" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_1D_graph_coinmarketcap.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_1D_graph_coinmarketcap-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_1D_graph_coinmarketcap-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>At the time of writing, SOL is trading at $22.40, down 4.40% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 12.75%. The price has been facing severe selling pressure. If the price manages to go past the recent high of $24.4 then a fresh rally is on the cards. It will likely test $25.3 in such a scenario.</p>
<p>Conversely, if the price breaks below the $21.6 support level, then it will likely test the $20.4 mark. Further decline will likely result in price testing $18.7 level support level.</p>

Solana Price Faces Severe Selling Pressure; Further Decline Likely?

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