Solana (SOL) has experienced a dramatic reduction in valuation over the past month. After reaching a high of $243.56, SOL is now struggling to stay above the major support level of $170 and the bears are currently in firm control yet again after a false breakout.
Sol was able to rally to $185 from a weekly low of $151 before the bears grabbed the reins yet again. After failing to maintain those recent highs, SOL is now flashing several warning signs that more losses could be on the horizon.
At the time of publication, SOL is attempting to rally to stay above the major support line of $170 and is currently treading water at $172, dropping by nearly 7% this morning. If any further losses pull SOL under $170, bears will take full control and drive the crypto’s valuation down further. The next level of support that could be tested if further losses pile up is at $162. If SOL breaks below both levels of support, all of last weeks gains could quickly disappear.
Many traders seem to be harvesting profits during the recent crypto sell-off and worse yet, buyers have been incredibly scarce. SOL desperately needs the current dentist to switch back to bullish to continue to rally and achieve fresh all-time highs.
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