The News Crypto -
- At the time of writing, SOL is trading at $112.42, down 3.43% in the last 24 hours.
- If the SOL price manages to go above $115 level, then it will likely test $118 resistance level.
There has been a noticeable slowdown in the price of Solana. In contrast to other altcoins in the market, Solana’s progress has faced tough resistance around the $120 price mark, making it a tough terrain.
One possible explanation for this standstill is that the network’s operational problems have been more noticeable than its technical achievements. However, the price remained above the support level, indicating that traders maintained adequate confidence in the cryptocurrency, even when the network experienced downtime.
Regardless of these obstacles, the prediction of a substantial rise in Solana’s worth is predicated on the idea that the Ethereum network would lose appeal as a result of excessive fees.
Brief Correction Underway
Most cryptocurrency values have increased substantially since the beginning of the month, signaling a market shift toward optimism. Some think the bull run has begun, while other tokens are still having trouble recording exceptional gains.
A drain below $110 may be on the horizon for Solana due to tremendous pressure, which has prevented it from reaching $120 in recent times. At the time of writing, SOL is trading at $112.42, down 3.43% in the last 24 hours as per data from CoinMarketCap Moreover, the trading volume is up 1.37%. Despite the brief correction, the price is still up 7.16% in the last 7 days.
Source: CoinMarketCap
If the SOL price manages to go above $115 level, then it will likely climb higher to test $118 resistance level. However, if the price continues this downtrend and breaks below $109 level, then it will likely decline further to test $104 support level.
This article was originally published on thenewscrypto.com
