Solana Faces Persistent Decline Down 37% Despite Bitcoin’s Stability

Solana (SOL) has been experiencing a persistent decline, according to analyst DonAlt. Despite Bitcoin’s stability, SOL has seen consistent red days, shedding 37% from its peak. Solana’s price chart reveals significant levels of support and resistance that have influenced its recent performance. The analyst’s chart shows an upward trend from December 2023 to March 2024, followed by a notable correction. 

Currently, the price hovers around $132, close to the $131 support level, which has previously provided stability. If this level fails, the next major support is around $101, a critical point tested in March and April 2024. On the upside, resistance levels are evident at $140 and $160.

Solana’s recent performance has been characterized by a steady downtrend since early June 2024. The candlestick patterns indicate a bearish trend, with lower highs and lower lows dominating the chart. There is no significant bullish reversal pattern visible, suggesting continued downward pressure. This decline contrasts with Bitcoin’s sideways movement, highlighting Solana’s unique challenges in the current market.

Jelle points out that Solana experienced a significant surge in April 2024, which increased investor interest and maintained a bullish trend. However, this upward trajectory was disrupted by a stark reversal, pushing prices downward. The recent candlestick patterns show a bearish trend with lower highs and lower lows, indicating no significant bullish reversal pattern.

This trend has raised concerns among investors and analysts alike. The current price of Solana stands at $130.96, marking a -2.83% decline in the past 24 hours and a -10.20% decline over the past week. 

Solana’s trading volume over the past 24 hours stands at $2.51 billion, reflecting active trading despite the price decline. The market cap of $61.33 billion underscores Solana’s significant presence in the crypto market. However, the ongoing price decrease has raised questions about its near-term prospects. Analysts and investors are closely watching the $131 support level, as its breach could signal further declines.