Solana (SOL) Stuck Below $33 In Past Days As Bearish Pressure Still Intact

The price of Solana (SOL) has been unable to break out of a tight range between $32 and $33 during the past few days. As of this writing, SOL is trading at $32.72, down 16.5% in the last seven days – and around the same level it was trading Friday, data from Coingecko show, Monday. According to analysts, the lack of price movement in Solana suggests that the market is uncertain about the direction of the cryptocurrency. Suggested Reading | Litecoin (LTC) Drops Below $50 After Consistent Bearish Squeeze Solana Can’t Extricate Itself Past $33 The Solana coin’s retracement phase entered the red zone this week, as purchasers lost almost 20% of their investment. The bearish trend appears unbroken as prices have been unable to surpass the $33 resistance level. The subsequent level of support is $30, where prices found support earlier this week. If this level is broken, Solana prices could tumble to $28. The bears were able to close a daily candle below the 20-day simple moving average (SMA), which also worked as short-term resistance, on Saturday evening. On the same night, Solana’s market capitalization again fell below $11 billion, which translates to a 10 percent decline. Bears are active near the $43 resistance level, while the bulls are seeking to post a bullish comeback for the Solana currency. In response to the roller coaster ride, the bulls were twice rejected near the point of resistance. SOL t...