Solana is trapped in this Bearish Pattern

What's in this article

Solana’s price is declining to the Earth after it scored $260 on November 7. Since then, Solana is trapped in a bearish parallel channel making lower highs and lower highs.

The Solana price today is $146.56 USD with a 24-hour trading volume of $1,994,623,636 USD. Solana is down 3.07% in the last 24 hours, with a  market cap of $46,022,425,049 USD. It has a circulating supply of 314,011,185 SOL coins.

Source: Tradingview


Solana: Analysis

Solana has lost more than 40% to the date. Solana is sitting at $140 support under EMA 100 on the 4-hour chart. To truly start a bullish rally upwards and breakout positively from this pattern, Solana needs to break the resistance level of $210, fib 0.5. If this bearish trend continues, Solana might find support $117, fib 1.272, at the bottom of the parallel channel.

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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