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Solana Loses 17% Of Value As SOL Crawls Back From $35 Slide

Solana bears are dominating the market and thus, SOL is expected to plummet further in the coming days. The crypto support is prominent at $37.7 and resistance is strong at $45.

Meanwhile, the bears are gaining traction and could overpower the market. SOL price has recently dwindled down from $42 to $38 and is getting quite comfortable with that range.

Negative movement is remarkable specifically at the $39 zone as SOL remains bearish. Solana has dipped by 5.52% overnight and is currently trading at $38.7 with a trading volume of $1,324,152,085. As of press time, SOL has a market capitalization of $13,403,122,727 and is currently ranked as the 9th largest coin in terms of market cap.

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Solana Inches Back Towards Support Line

Solana price just like Bitcoin and Ethereum has demonstrated a downward movement. More so, the cryptocurrency appears to be less volatile. Consequently, the SOL/USD price is crawling towards the support line implying a reversal that can potentially breach the pair’s bearish movement.

SOL price has swerved into a bullish momentum seen in the past few days. However, as the volatility seems to simmer down, the SOL value exhibited minimal change.

The SOL/USD pair is crossing below the Moving Average curve showing a bearish streak. On the flip side, the market now looks to be swerving downwards as it shifts to a negative movement.

The RSI value appears stable at 49. On the other hand, the RSI score is also showing a downward trend which implies a decline in market dynamics. Moreover, the drop in the RSI score shows that the selling activity has grown stronger compared to the buying activity.

Looks like the bears are dominating the market. SOL price shows bearish action with a strong tendency of price sliding further down in the coming days. So, if the bulls do not retaliate soon, the bears will snow under the market for an extended period of time.

SOL total market cap at $12.8 billion on the daily chart | Source: TradingView.com
Can SOL Breach $42?

The only chance here to overpower the bears is for the price to break the support. And that would be the time that the bulls will command the market dynamics. SOL has no doubt created an impressive streak last week which is an advantage for day traders mostly.

Now, if SOL price bottoms out, there is a possibility of a 16% rally shooting for the price zone of $44. However, if the bulls can’t grapple on the support at the 21-day SMA then the uptrend can be a precarious scene.

As of press time, conditions are neutral. If SOL can breach $42, then the bulls can rally and target $60 which can potentially induce a 66% boost in Solana price.

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Featured image from Exodus Wallet, chart from TradingView.com

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Solana (SOL) To Hit $166 By 2025, Despite Current Bearish Conditions

Solana (SOL) is said to soar to $60 under the best circumstances or with Bitcoin holding up its current green state, this is according to a tweet made by trader Altcoin Sherpa who has over 180,400 followers on Twitter.

While Altcoin Sherpa is confident about the performance of SOL, he has qualms about the strength of the crypto. Further, Altcoin Sherpa still thinks SOL is extremely bearish as of press time but there is still a healthy degree of trading opportunity.

SOL is currently trading at $43.87, up 18% in the last seven days, based on figures by Coingecko, Friday. The token had an overall impeccable week as it jumped from only $34 to almost $47 before it corrected.

SOL To Reach $166 by 2025 and $512 by 2030

SOL is said to not change too much by the end of 2022. However, once you HODL, it may look optimistic again by the end of 2030. Fintech and Web3 experts have predicted that the SOL price will shoot to $50 by the end of 2022.

Well, this is actually a reduced figure by 75% in comparison to the price prediction made at the start of the year. On a lighter note, the panel foresees that SOL may shoot to a glorious $166 by 2025. In fact, in 2030 the price is said to spike to a whopping $512 by 2030.

Most of the panel of experts say that now is the time to buy SOL. Well, it’s pretty much a divided zone as around 29% believe that it’s time to sell the token while 40% think that it’s time to HODL. And 55% of the pie is predicting that SOL may outperform Binance in terms of TVL on the chain. So, what side of the fence are you in?

SOL total market cap at $15.02 billion on the daily chart | Source: TradingView.com
Paul Levy Predicts Solana To Hit $60 By End of 2022

Paul Levy, an Expert Lecturer at the University of Brighton and part of the panel, predicts that SOL could hit as much as $60 by the year’s end due mainly to its empowered network or community. SOL’s tech community has been harping on Solana’s efficiency and stability for the longest time.

However, SOL’s reliability or outages issues may be something to think about. SOL has been facing persistent and massive power outages since last year; specifically since September 2021.

Currently, the token is experiencing a 5600% growth spurt from its price during launch. Solana has a long way to go especially with the increased volatility of the crypto market.

More so, SOL has jumped 55% in just a year which proves its value and its potential to rise to greater heights. 

Featured image from The Independent, chart from TradingView.com