Solana [SOL]Price Support Crumbles Under Bear Pressure; Market Sees Red

The cryptocurrency market has attained a red coat over the past week with major coins sliding rapidly on the charts. Solana [SOL] was one of the biggest losers of the week as a 26 percent drop ripped through its market cap. Polygon held the top spot in the bear’s eyes as it fell by 35 percent in the past week.

Experts believe that the bear market would become an ideal launchpad for new users to buy the dip and increase their portfolio. At press time, Solana was trading for $22.62 with a total market cap of $6.1 billion. After a daily dip of 11 percent, Solana’s trading volume fell to $444.9 million.

Solana 1 hour:

Solana’s hourly dips became apparent after the 14th when the price tumbled across the board. The immediate support is constantly changing with the last known support at $22.24 and the resistance ~$32 range. Upper and lower Bollinger bands began diverging from one another as the red price candles increased in density.

The Relative Strength Index crashed below the lower index on Tuesday. According to the charts, this was Solana’s biggest dip in July which may have an impact on investor sentiments. Solana’s Chaikin Money Flow indicator had turned sharply to the bottom of the graph. This means that the capital leaving the market was more than the influx.

Solana 1 day:

On the daily charts, Solana had a marked downshift as the candles continued to crumble under bear pressure. Even the Bollinger bands sided with the bear as the bands diverged sharply from one another. The immediate support remained at $15.2 as the histogram became populated with a mix of greens and reds.

The RSI hit the oversold threshold which means the selling pressure had increased multifold in the last couple of days. Even the RSI replicated the CMF’s price action as the capital coming into the market decreased considerably.