Solana Is Unable To Break Past The $40 Level Because Of Consolidation

Solana is unable to break past the $40 level because of consolidation, and the price appears to be fluctuating because of this. The altcoin recently suffered a setback when an exploit caused the assets in thousands of wallets to be stolen. Using private keys, the most recent exploit had enabled hackers to steal money.

After the network attack, Solana’s value quickly fell to $38. The cost of Solana has been held steady at $40 for some time.

The coin’s current support level is $40, and if it drops below that level, SOL might go as low as $36. Following the king coin’s small decline on its chart over the past two days, Bitcoin has also been consolidating at the $23,000 mark. Similar effects have been felt by altcoins.

In the instance of Solana, the recent disaster reduced the coin’s buying power. Fortunately, Solana Network was unaffected and just a small number of wallets were impacted. The market capitalization of all cryptocurrencies as of today was $1.14 trillion, down 0.4 percent from the previous day.

Solana Price Analysis

SOL was trading at $40.2 when this article was written. The coin has yet to fully recover from the correction it underwent after crossing the $46 price threshold.

The recent disappearance of money from a few accounts has undoubtedly slowed Solana’s comeback.

The coin’s overhead resistance was at $41, but if Solana’s price is able to revisit and maintain above the $46 price level, it will be able to disprove the bearish argument.

On the other hand, the price of Solana found support at $36. The asset will drop from $36 to $34 if the price drops. The minor decline in Solana trading volume during the most recent session suggests a weakening of the selling position.

If the price of Solana remains on a downward trend, the altcoin will eventually trade below the ascending triangle, signaling a negative trend (bearishness).

It would appear, for the time being, that Solana is unable to break past the $40 level.

Solana Technical Analysis

As Solana holders rushed to sell the coin owing to, the buying pressure on the alternative currency decreased. above the assault. But throughout the last few trading sessions, the coin showed a stronger buying trend.

At the time of writing, buyers were outnumbering sellers according to the Relative Strength Index, which was seen advancing above the half-line.

The price of Solana was also found to be above the 20-SMA line, indicating that purchasers were the ones pushing the market’s price momentum.

This price action for the coin might be bullish. SOL could break out of its consolidation shortly if buyers maintain their position in the market.

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