The price of Solana (SOL) has been unable to break out of a tight range between $32 and $33 during the past few days.<\/p>\n
As of this writing, SOL is trading at $32.72, down 16.5% in the last seven days \u2013 and around the same level it was trading Friday, data from Coingecko show, Monday.<\/p>\n
According to analysts, the lack of price movement in Solana suggests that the market is uncertain about the direction of the cryptocurrency.<\/p>\n
Suggested Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze<\/p>\n
Solana Can\u2019t Extricate Itself Past $33<\/p>\n
The Solana coin\u2019s retracement phase entered the red zone this week, as purchasers lost almost 20% of their investment. The bearish trend appears unbroken as prices have been unable to surpass the $33 resistance level.<\/p>\n
The subsequent level of support is $30, where prices found support earlier this week. If this level is broken, Solana prices could tumble to $28.<\/p>\n
The bears were able to close a daily candle below the 20-day simple moving average (SMA), which also worked as short-term resistance, on Saturday evening. On the same night, Solana\u2019s market capitalization again fell below $11 billion, which translates to\u00a0a 10 percent decline.<\/p>\n
Bears are active near the $43 resistance level, while the bulls are seeking to post a bullish comeback for the Solana currency. In response to the roller coaster ride, the bulls were twice rejected near the point of resistance.<\/p>\n\n
SOL total market cap at $11.23 billion on the daily chart | Source: TradingView.com
\nSOL Shed Over 25% Of Its Value In Past Week<\/p>\n
Likewise, Solana\u2019s trading volume has been rather modest and stands at $620,821,685 at present. The bulls have attempted to drive prices higher, but have thus far been unsuccessful.<\/p>\n
SOL has lost more than a quarter of its value in the previous week. This downturn began when the price was repelled at $44, a significant resistance level.<\/p>\n
The increased sell volume is placing a severe burden on the bulls, who now seem\u00a0absent from the market. Market observers anticipate a reaction if the price approaches a major support level.<\/p>\n
Suggested Reading |\u00a0Dogecoin (DOGE) Could Use Some Lift \u2013 An Elon Musk Tweet, Perhaps?<\/p>\n
Meanwhile,\u00a0Crema Finance joins the list of protocols running on the Solana blockchain that have been compromised.<\/p>\n
In the early hours of Sunday, the liquidity protocol took to Twitter to warn users that all network activity had been canceled as a result of the\u00a0attack.<\/p>\n
This year, the Solana network has been plagued by a series of setbacks\u00a0and chain exploits. Moreover, the network\u2019s protocols have degraded.<\/p>\n
According to a survey by Atlas VPN, the Solana ecosystem suffered five hacking incidents costing $397 million in the first three months of this year.<\/p>\n
Featured image from Crypto News AU, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
The price of Solana (SOL) has been unable to break out of a tight range between $32 and $33 during the past few days.<\/p>\n
As of this writing, SOL is trading at $32.72, down 16.5% in the last seven days \u2013 and around the same level it was trading Friday, data from Coingecko show, Monday.<\/p>\n
According to analysts, the lack of price movement in Solana suggests that the market is uncertain about the direction of the cryptocurrency.<\/p>\n
Suggested Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze<\/p>\n
Solana Can\u2019t Extricate Itself Past $33<\/p>\n
The Solana coin\u2019s retracement phase entered the red zone this week, as purchasers lost almost 20% of their investment. The bearish trend appears unbroken as prices have been unable to surpass the $33 resistance level.<\/p>\n
The subsequent level of support is $30, where prices found support earlier this week. If this level is broken, Solana prices could tumble to $28.<\/p>\n
The bears were able to close a daily candle below the 20-day simple moving average (SMA), which also worked as short-term resistance, on Saturday evening. On the same night, Solana\u2019s market capitalization again fell below $11 billion, which translates to\u00a0a 10 percent decline.<\/p>\n
Bears are active near the $43 resistance level, while the bulls are seeking to post a bullish comeback for the Solana currency. In response to the roller coaster ride, the bulls were twice rejected near the point of resistance.<\/p>\n
SOL total market cap at $11.23 billion on the daily chart | Source: TradingView.com
\nSOL Shed Over 25% Of Its Value In Past Week<\/p>\n
Likewise, Solana\u2019s trading volume has been rather modest and stands at $620,821,685 at present. The bulls have attempted to drive prices higher, but have thus far been unsuccessful.<\/p>\n
SOL has lost more than a quarter of its value in the previous week. This downturn began when the price was repelled at $44, a significant resistance level.<\/p>\n
The increased sell volume is placing a severe burden on the bulls, who now seem\u00a0absent from the market. Market observers anticipate a reaction if the price approaches a major support level.<\/p>\n
Suggested Reading |\u00a0Dogecoin (DOGE) Could Use Some Lift \u2013 An Elon Musk Tweet, Perhaps?<\/p>\n
Meanwhile,\u00a0Crema Finance joins the list of protocols running on the Solana blockchain that have been compromised.<\/p>\n
In the early hours of Sunday, the liquidity protocol took to Twitter to warn users that all network activity had been canceled as a result of the\u00a0attack.<\/p>\n
This year, the Solana network has been plagued by a series of setbacks\u00a0and chain exploits. Moreover, the network\u2019s protocols have degraded.<\/p>\n
According to a survey by Atlas VPN, the Solana ecosystem suffered five hacking incidents costing $397 million in the first three months of this year.<\/p>\n
Featured image from Crypto News AU, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-2661","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2661","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=2661"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/2661\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=2661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=2661"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=2661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}