Solana’s price was down by 15 per cent last week. However, in today’s trading session, it is up by 1.5 per cent and looking likely to continue with the trend throughout the session.
Throughout the year, Solana has been one of the few major cryptocurrencies that has looked likely to recover. But, unfortunately, any recovery that the crypto industry has made has ended up being dragged downwards by the industry-wide bear market.
In the second half of June, Solana had risen by 63 per cent, hitting the $42 resistance level. At that point, it was looking highly likely that the prices would continue climbing, and the next level could be the $78 resistance level.
However, on June 26, the prices started to come down, and since then, the crypto has continued to plummet. Although the past two trading sessions have been bullish, the prices have barely moved and are still below the price high set on July 1.
In today’s trading session, prices are up by 1.5 per cent. However, just like the past two days, the prices are still below the price high set on July 1. Looking at the chart below, the current surge in price also looks unlikely to be a price reversal.
Therefore, my Solana price prediction for the next few trading sessions is still bearish. I expect the prices to continue their drop in the next few trading sessions. There is a high likelihood that we will see prices aggressively moving downwards. Based on recent price action that has resulted in huge swings to the downside, I expect prices to hit the $26 support level. Trading below that level will also mean setting new price lows that Solana has not hit since July of last year.
My bearish analysis, however, will be invalidated if the prices reverse and the $40 psychological level. At that point, it will be clear that the bulls have won.
This post was last modified on Jul 04, 2022, 16:39 BST 16:39