Solana had witnessed strong bullish force in the past seven days, however, the bulls lost steam at the time of writing. Over the last 24 hours, the coin depleted by 9%. The current support level for SOL stood at $38. The price of the asset registered a month high after the massive rally that took place on July 13 . Technical outlook for Solana pictured the bears taking over.
After Bitcoin dipped on its chart by 6% over the last day, altcoins too had the same effect on their charts. Buying strength of Solana depreciated considerably flashing negative price action. After a relief rally, it is usually not uncommon for coins to retrace on their charts.
If buying strength gains strength, then Solana might again break past its current price level and aim for the overhead price ceiling. If SOL manages to move the $44 price mark, a visit to the $50 doesn’t seem too difficult. Buying strength and broader market strength will help Solana regain price momentum. The global cryptocurrency market cap today is $1.07 Trillion with a ..
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