Solana

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The cryptocurrency market extended its leg down on Friday following the Bitcoin price fall to the day’s low of $66000. This selling pressure extended the correction trend for most of the major altcoins including Solana. The <a href="https://coingape.com/trending/you-wont-believe-who-tops-the-solana-rich-list-unveiling-top-sol-holders/" rel="noopener noreferrer nofollow">SOL price</a> is down 5% today bolstering the formation of a reversal pattern called double top. Will this bearish setup amid broader market correction push SOL coin below $150?
Also Read: <a href="https://coingape.com/solana-meme-coin-mew-rallies-50-amid-major-listing-announcement/" rel="noopener noreferrer nofollow">Solana Meme Coin MEW Rallies 50% Amid Major Listing Announcement</a>
<h2 id="b-solana-price-faces-double-top-pattern-and-network-efficiency-concerns-b">Solana Price Faces Double Top Pattern and Network Efficiency Concerns</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/m/mtfwgBe8.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="937">
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 Solana Price| Tradingview
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In mid-March, the cryptocurrency market entered a new correction trend as Bitcoin reverted from its new high of $73800. As a result, the <a href="https://coingape.com/price/solana/" rel="noopener noreferrer nofollow">Solana price</a> trajectory turned sideways below the $205 resistance. Within three weeks, the coin price was rejected twice from overhead resistance indicating the sellers are actively defending this barrier.
<blockquote>
 Furthermore, an analysis of the daily chart shows the double top pattern formation—a chart setup commonly observed at market tops before a sharp reversal. Amid the current market sell-off, the <a href="https://coingape.com/why-solana-price-fell-today/" rel="noopener noreferrer nofollow">SOL</a> price of 15% from the aforementioned top its reach current trading price of $173
</blockquote>
In a recent critique highlighted by Kyledoops, the Solana network is facing substantial scrutiny due to significant network congestion and an alarming 76.8% transaction failure rate. The data, sourced from a Dune Analytics dashboard, reveals a troubling trend in the network’s inability to handle non-vote transactions—those occurring between wallets and smart contracts—effectively.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Solana users demand better: network congestion and transaction failures are unbearable.<a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> must step up to meet the demands of a bullish market with its current 76.8% transaction failure rate. <a href="https://t.co/F0vVpUtyMj" rel="noopener noreferrer nofollow">pic.twitter.com/F0vVpUtyMj</a>
 — Kyledoops (@kyledoops) <a href="https://twitter.com/kyledoops/status/1776188110554149043?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 5, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
This surge in failed transactions calls for urgent attention and action from the Solana developers to bolster the network’s capacity and reliability to meet the high demands of a bullish market and maintain user trust.
Also Read: <a href="https://coingape.com/solana-dex-jupiter-announces-major-upgrade-jup-price-to-rally/" rel="noopener noreferrer nofollow">Solana DEX Jupiter Announces Major Upgrade, JUP Price To Rally?</a>
<h2 id="b-key-levels-to-watch-amid-market-correction-b">Key Levels to Watch Amid Market Correction</h2>
Under the influence of a bearish pattern, the <a href="https://coingape.com/trending/solana-is-outpacing-ethereum-this-year-heres-why/" rel="noopener noreferrer nofollow">Solana coin</a> plunged 6% to challenge the neckline support of $163. A successful breakdown will accelerate the selling pressure and extend the correction trend to $120.
Conversely, a reversal from $163 support will weaken the bearish thesis and continue sideways action.
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Related Strength index: A notable bearish divergence between the two peaks for a double top pattern indicates the sellers strengthening their grip over the asset.&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Exponential Moving Average: For the past six months, the 50-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> slope has defended the SOL price during market corrections.</li>
</ul>
The post <a href="https://coingape.com/markets/will-solana-price-correction-breach-150-support/" rel="noopener noreferrer nofollow">Will Solana Price Correction Breach $150 Support?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will Solana Price Correction Breach $150 Support?

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