Despite concluding the previous week on a bullish note, the cryptocurrency market has began the 2nd week of July on a bearish note. Further, the market leader, Bitcoin cost, has skilled a strong pullback close to its $56,000 variety.
On the other hand, the SOL rate has showed a comparable rate action by recording a substantial correction in its particular portfolio. With the increasing cost volatility in the crypto area, will Solana cost record a bullish turnaround this week or plunge towards its brand-new low?
SOL Price On The Verge Of Testing Its Crucial Support Zone!
Following, the continuous cross-border market correction, the Solana cost has lost 4.61% in appraisal within the past 24 hours with a trading volume of $2.265 Billion, a modification of +9.53%. Further, it has plunged 10.48% throughout the past week and 18.90% over the past 30 days.
The Solana rate hasactually been trading within a closed variety because mid-April, suggesting a weak rate action for the altcoin in the crypto market. Moreover, the SOL rate hasactually formed a resistance zone above its resistance level of $155, highlighting a strong selling point at that level.
However, strong purchasing pressure has likewise formed close to its important assistance trendline around the $120 level, suggesting a high possibility of a bullish turnaround for the Solana rate at that point.
Solana (SOL) Market Sentiments:
The Moving Average Convergenc