Solana, the fastest-growing cryptocurrency ecosystem and blockchain in the world, has dropped by 6.54% in the last week. Moreover, the price continued to decline by 1.07% in the past 24- hours. As the bulls and bears haggle between the 8-day exponential and 21-day simple moving averages.
The Solana price is now auctioning at $32.99 with 353,979,548 SOL in circulation. The chart below indicates that a breakout could occur at any moment. By driving the price of cryptocurrencies back to their low point, savvy trading in a short amount of time can make or break the event.
The August highs are shown at $48.42 on the chart above, and the most recent swing low is at $29.91. This bias could work in the bears’ favor. At $38, the bulls can be seen being denied, indicating a bearish volume.
With a break of the swing at $29.91 initiating any ensuing loss of equivalent value to the August downtrend, a 40% decline is anticipated.
In conclusion, a daily close over $35 would raise the SOL price to the $40 level which represents the 61.8% Fib of the suggested downward movement. The favorable trend would result in a 20% increase in Solana’s price.