Convergence

Solana

Divergence

<ul> 
 <li>The crypto market has started the July 2nd week on a bearish note.</li> 
 <li>Solana price has been trading within a closed range since mid-April, forming a resistance zone above $155.</li> 
 <li>If the market holds the SOL price above the crucial support level of $127, bulls may regain momentum and target the resistance level of $155.</li> 
</ul> 
Despite concluding the previous week on a positive note, the cryptocurrency market has taken a bearish turn as the second week of July unfolds. The market leader, Bitcoin, has experienced a significant pullback, hovering close to the $56,000 range, while <a href="https://thenewscrypto.com/?s=solana" target="_blank" rel="noreferrer noopener">Solana</a> (SOL) has mirrored this price action, recording a notable correction in its portfolio. 
As price volatility intensifies in the crypto space, investors are left wondering whether the Solana price will stage a bullish reversal this week or succumb to further declines. 
<h2 class="wp-block-heading" id="h-solana-price-approaches-critical-support-zone">Solana Price Approaches Critical Support Zone</h2> 
In the wake of the ongoing cross-border market correction, the Solana price has shed 4.61% of its value within the past 24 hours, accompanied by a trading volume of $2.265 billion, representing a 9.53% increase. 
Moreover, <a href="https://thenewscrypto.com/?s=SOL" target="_blank" rel="noreferrer noopener">SOL </a>has plummeted by 10.48% over the past week and 18.90% in the last 30 days, highlighting the bearish pressure on the altcoin. 
Solana’s price has been confined within a closed range since mid-April, indicating a weak price action for the altcoin in the crypto market. Additionally, SOL has formed a resistance zone above the $155 level, signaling a strong selling point at that threshold. 
However, robust buying pressure has also emerged near the crucial support trendline around the $120 level, suggesting a high probability of a bullish reversal for the Solana price at that juncture. 
The Moving Average Convergence Divergence (MACD) indicator displays a constant flatline in the price chart, indicating weak buying and selling pressure for the SOL cryptocurrency. 
Furthermore, the averages show a neutral trend, suggesting uncertainty regarding future price action. 
On the other hand, the 50-day Exponential Moving Average (EMA) consistently acts as a resistance to the Solana price chart on the 1-day time frame, while the 200-day EMA serves as a crucial support. This divergence points to mixed market sentiments for the altcoin.

Solana (SOL) Price Faces Crucial Support Test, Will Bulls Prevail?

Spis treści

TheNewsCrypto

Inne artykuły opublikowane 8 lip 2024

Dogwifhat (WIF) Demand Rises – All Eyes on Crucial $2 Level

Certo Expands Testnet to Include USDC Deposits for stUSD, its Interest-Earning Stablecoin (8 Jul)

Bitget Wallet Launches “TONNECT 2024”, Accelerates Growth of the TON Ecosystem

North Carolina Governor Vetoed Bill Banning State Use Of Central Bank Digital Currencies (CBDCs)

Morpheus Labs Updates

Rollblock Up Over 50% As Uptrend Continues, Bitcoin Tokens Stacks and Ordi Drop Over 20%

Zapisz się na bezpłatny newsletter i otrzymuj codzień aktualności ze świata kryptowalut!