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Some Light at the End of the Bearish Tunnel for Solana (SOL) -Breaking


There is some light at the end of Bearish Tunnel for Solana
  • SOL, despite all the bullish efforts, has formed lower lows and higher highs.
  • It seems that SOL currently hovers between $41.25 and $37.37.
  • SOL appears to have stabilized around $37.37. This means that an Ethereum-killer turnaround is possible.

Solana’s (SOL) price recovery has been very unsuccessful. Despite all the bullish efforts, SOL continues to make lower lows than ever before. This only highlights its ongoing downtrend. SOL might have some hope, as it appears that the crypto has been unable to break through two of its barriers.

SOL currently seems stuck between $41.25 and $37.37. This comes after Solana’s price moved from consolidating between the $41.25 support level and the 55.97% resistance level. Although this move is clearly bearish it seems like the lows have stabilized around $37.37.

An investor should avoid a price rise above $41.25 as it can create hopelessness. It is more likely to be an uptrend if the price rises above $45.

SOL/USDT 4h. Source: FXStreet

Investors should also consider the fact that SOL is in a downward trend since May 16th. SOL has been making lower lows ever since the May 12th crash, and then the swing high of $59,31. It appears now that SOL seems to be stabilizing at $37.37. That means there is an opportunity for an Ethereum-killer turn around.

The bullish thesis could be canceled if the sellers take back control and make the support at $37.37 a resistance level on the 4-hour chart.

CoinMarketCap reports that SOL now has a value of $38.97, after experiencing a drop in price by 0.19% over the past 24 hours.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. The information contained in this article shouldn’t be taken as advice. CoinQuora urges users to conduct their own research prior to investing in cryptocurrency.

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