Solana fake-out: Solana is dropping again

Solana is dropping inside a Bearish channel making lower lows and the trend has not stopped yet. Solana was Bullish yesterday then how did the trend change altogether?

The Solana price today is $195.31 USD with a 24-hour trading volume of $2,443,806,446 USD. Solana is down 1.69% in the last 24 hours, with a market cap of $60,026,845,335 USD. It has a circulating supply of 307,348,200 SOL coins.

Solana fake-out
Source: Tradingview

Solana fake-out: Analysis

Solana is bearish since November 06, 2021, from $260 including the December 4, dump. The price is in a continuous decline in a parallel channel. The trend was broken above Bullish on December 1st but unfortunately, the Bitcoin dump dragged the price down the level where it started. Breaking above this trend is very critical for Solana to go Bullish.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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