Solana continues to paint its charts in red, registering declines on its intraday, weekly, biweekly, monthly and year-to-date price metrics.<\/p>\n
Solana loses over 7% of its value over the last seven days
\nSOL\u2019s extended bearish movement will likely pull the asset below $25
\nSolana\u2019s current TVL is less than a billion<\/p>\n
The crypto has already lost 89.3% of its November 6, 2021 all-time high (ATH) of $259.96 and is currently trading at $27.81 according to tracking from Coingecko<\/a> at the time of this writing.<\/p>\n Over the last seven days, the altcoin dropped by 7.4%. On a 14-day period, Solana declined by over 15% as it failed to make any kind of recovery for quite some time now.<\/p>\n As if the cryptocurrency hasn\u2019t suffered enough already, its analysis points indicate it is due for a bearish pull in this extended crypto winter.<\/p>\n Solana Seen Dropping Before Bouncing Back<\/p>\n After Solana fell below the crucial $30 marker, its chart had red candlesticks for three straight days, putting its trajectory into a further decline<\/a>.<\/p>\n The digital asset\u2019s problems became bigger when it dropped below $28 as its 20 and 50 Exponential Moving Average (EMA) indicated sellers having a huge advantage this time.<\/p>\n Source: TradingView<\/p>\n A piece of good news, however, is that despite having another bearish run, Solana managed to keep its hopes of making a bounce back intact.<\/p>\n A massive downward pull will likely put the altcoin in $26.3 support which will give sellers the opportunity to do their work and deflate SOL\u2019s price further, all the way to $24.<\/p>\n After this, the digital coin is seen to have some breathing room and prepare for an upward price rally which will target the $27 to $29 range.<\/p>\n If Solana manages this, it will recover some of its losses over the last week. Analysts, however, are seeing a slow moving phase for the crypto asset.<\/p>\n Solana\u2019s DeFi Locked Value Plummets To Under A Billion<\/p>\n Solana used to rival some of the more prominent blockchains in terms of its Decentralized Finance (DeFi) total value lock<\/a> (TVL).<\/p>\n Just last year, the network\u2019s TVL recorded a massive surge as it reached over $10 billion. However, at press time, that value significantly dropped and is at just above $860 million.<\/p>\n Not only did Solana\u2019s TVL dried up, it is in danger of going down even more as the DeFi industry has lost a\u00a0 lot of its momentum.<\/p>\n It would appear not many people are willing to gamble and take risks in a market that is under a bearish streak.<\/p>\n If this continues, SOL will likely end-up falling below the $25 marker and will lose any chance of triggering a bullish rally on the way to hitting another all-time high.<\/p>\n\n SOL total market cap at $9.9 billion on the weekend chart | Featured image from Analytics Insight, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Solana continues to paint its charts in red, registering declines on its intraday, weekly, biweekly, monthly and year-to-date price metrics.<\/p>\n Solana loses over 7% of its value over the last seven days The crypto has already lost 89.3% of its November 6, 2021 all-time high (ATH) of $259.96 and is currently trading at $27.81 according to tracking from Coingecko<\/a> at the time of this writing.<\/p>\n Over the last seven days, the altcoin dropped by 7.4%. On a 14-day period, Solana declined by over 15% as it failed to make any kind of recovery for quite some time now.<\/p>\n As if the cryptocurrency hasn\u2019t suffered enough already, its analysis points indicate it is due for a bearish pull in this extended crypto winter.<\/p>\n Solana Seen Dropping Before Bouncing Back<\/p>\n After Solana fell below the crucial $30 marker, its chart had red candlesticks for three straight days, putting its trajectory into a further decline<\/a>.<\/p>\n The digital asset\u2019s problems became bigger when it dropped below $28 as its 20 and 50 Exponential Moving Average (EMA) indicated sellers having a huge advantage this time.<\/p>\n Source: TradingView<\/p>\n A piece of good news, however, is that despite having another bearish run, Solana managed to keep its hopes of making a bounce back intact.<\/p>\n A massive downward pull will likely put the altcoin in $26.3 support which will give sellers the opportunity to do their work and deflate SOL\u2019s price further, all the way to $24.<\/p>\n After this, the digital coin is seen to have some breathing room and prepare for an upward price rally which will target the $27 to $29 range.<\/p>\n If Solana manages this, it will recover some of its losses over the last week. Analysts, however, are seeing a slow moving phase for the crypto asset.<\/p>\n Solana\u2019s DeFi Locked Value Plummets To Under A Billion<\/p>\n Solana used to rival some of the more prominent blockchains in terms of its Decentralized Finance (DeFi) total value lock<\/a> (TVL).<\/p>\n Just last year, the network\u2019s TVL recorded a massive surge as it reached over $10 billion. However, at press time, that value significantly dropped and is at just above $860 million.<\/p>\n Not only did Solana\u2019s TVL dried up, it is in danger of going down even more as the DeFi industry has lost a\u00a0 lot of its momentum.<\/p>\n It would appear not many people are willing to gamble and take risks in a market that is under a bearish streak.<\/p>\n If this continues, SOL will likely end-up falling below the $25 marker and will lose any chance of triggering a bullish rally on the way to hitting another all-time high.<\/p>\n
\nSOL\u2019s extended bearish movement will likely pull the asset below $25
\nSolana\u2019s current TVL is less than a billion<\/p>\n