2021-12-21 19:54 |
Solana (SOL/USD) bears are kicking in again after a false breakout. The token managed to push from weekly lows of $151 to $185. However, it could not hold those highs, and it is now showing signs of retreating to previous levels.
Solana is one of the biggest losers from the top 10 list. It has dipped by over 7% to reach the current price of $170 at the time of writing.
Solana retests supportThe first major support for SOL is $170, and it is currently trading dangerously at this price. If SOL drops below this point, bears will kick in, and more losses will start to accumulate.
If SOL dips further below $170, the other critical support is $162. Staying above this level could sustain a further bullish rally. However, if it fails and pushes below, a market-wide selloff could erase what SOL achieved last week.
Short-term traders have already taken profits after SOL hit weekly highs of $185 today. The recession caused by the overall bearish trend has created a situation where buyers are no longer coming into the market, and sellers are disposing of their holdings.
On the upside, the downtrend in the market could soon reach exhaustion, and the market starts collecting gains. In this case, SOL could target $200. However, a consistent upward trajectory in SOL prices towards an all-time high of $244 will only happen if the broader market reverses and enters a bull run.
Melania Trump launches NFT platform on SolanaThe SOL token dips come despite the endorsement of this blockchain by the former first lady of the US, Melania Trump. She announced that she would be unveiling a platform for non-fungible tokens (NFTs) that will be based on the Solana blockchain. The NFTs sold on this platform will cost 1 SOL token for each. While the news caused slight excitement regarding the growth of Solana in regards to NFTs, the token has failed to hold any uptrend related to this as it did in August with the launch of Degenerate Ape academy.
The post Solana (SOL) retreats to support at $170 after a false break appeared first on Invezz.
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