Prior to the liquidity of $ 5 billion that enters the space, the cryptom markets consolidate because FTX has been set to distribute Stablecoins to their creditors. While the Bitcoin price slid under $ 105,000, the Solana price also hit the lows of almost $ 160. The price remains confronted with more upward pressure, which can drag the levels under the range. With this the price has reached a crucial price range; That is why a large withdrawal could follow if the bears continue to exert more pressure.
Now the question arises whether the SOL price reverses the trend of forming higher highlights and lows.
The Solana’s long -term price promotion remains under Beerarish promotion, regardless of the price assignment in the short term. Unfortunately, the price is confronted with a pullback from the crucial resistance, suggesting the growing dominance of the bears. In the meantime, the technical means have also turned against the bulls and point to the price that quickly dives to local support.
The SOL price acts within a falling growing channel and the price is confronted with rejection after testing the upper resistance. The RSI has shown a bearish divergence, while the CMF remains under 0. This refers to the existence of the Bearish dominance since the beginning of the year, regardless of the interim -bullish promotion. If the upward pressure escalates, the price is feared to fall to the local support for $ 151.97. Moreover. The price drops after reaching the 50-day weekly MA just below $ 170, which arouses enormous worries.
After touching the new highlights above $ 3.5 trillion, the crypto markets seem to consolidate for a while, because Bitcoin is confronted with some upward pressure. That is why a bearish weekly close could validate a fresh bearish action, which pushes the Solana (SOL) price to lower support, probably almost $ 130. That is why the coming monthly closure can be extremely important for the SOL price and the entire crypto market.