Solana’s SOL Remains Stuck Below $33 As Bearish Pressure Remains

Solana’s SOL remains stuck below the $33 price range as it was unable to break out of the range between $32 and $33 in the past few days so let’s read more today in our latest altcoin news.

solana’s SOL remains bearish as it is trading at $32.72 at the time of writing, which is down by 16.5% in the past week and around the same level that it was tradign on Friday. According to analysts, the lack of price movement in Solana suggests that the market remains uncertain about the direction of the price of the coin. The coin retracement phase entered the red zone this week with a purchase of 20% of the investment and the bearish trend line seems unbroken with prices being unable to surpass the $33 resistance.

The $30 support level is where prices found support earlier this week and if this level is broken, the price could drop further. The bears were able to close a daily candle below the 20-day simple moving average which worked as long-term resistance. On the same night, Solana’s market cap fell below $11 billion which marks a 10% decline. The bears are active near the $43 resistance level while the bulls are looking to post a bullish comeback for the currency. The bulls were also rejected twice near the point of resistance. Solana’s trading volume has been modest and stands at $620,821,685 at present and the bulls tried to drive the prices higher but so far they were unsuccessful.

SOL has a quarter of the value in the previous week and the downturn started when the price was repelled at $44 with a strong resistance level. The increased sell volume is placing a huge burden on the bulls who seem absent from the market with the market observers anticipating a reaction if the price reaches a major support level. In the meantime, Crema Finance joins the list of the protocols running on the SOL blockchain which was compromised. During the early hours of Sunday, the protocol was announced on Twitter to warn users that the network activity was canceled as a result of an attack.

Solana network was plagued by a series of setbacks and the chain exploits and the network’s protocols were degraded as well. As per a survey by Atlas VPN, the Solana ecosystem suffered multiple hacking incidents that cost $397 million during the first three months of the year.