Sol to breach the main support as ethereum steals the offer

Solana Price extended its correction on Thursday, as it was traded at $ 171 at the time of writing this report after it decreased by 2.9 %. The encryption fell almost 4 % on Wednesday, and a second consecutive decline threatening to violate the $ 170 psychological support brand.

The currency also put pressure from Ethereum, which was among the most prominent performance, which gains 30 % last week, three times like Solana. The market value of Ethereum grew by $ 68 billion in this time frame, about 78 % of the entire market value in Solana.

However, Solana Price has strong support from the ecosystem of the coin in Solana Chain. Solana’s metal currencies were the headquarters in the strong upward trend last week, as WiF gained 60 %, increased by 18.5 % and PNUT by 104 % during that period. This means increasing the interest of Sol to stabilize transactions, and add payment to the currency. However, the last 24 hours witnessed that the majority of the MAM coins turn red, which exerts the declining pressure on the Solana price.

In a positive note, high trading volume on Solana Blockchain. The ecological system led the DEX trading in the past week, as it recorded an increase of 48 % in that period to reach 27.48 billion dollars. This indicates an increase in the investor’s interest, which will add support to the Solusd trading pair.

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Predicting at the price of Solana

The momentum in Solana Price calls for a drop below the PIVOT mark at $ 172. The currency is likely to find its initial support at $ 168. Strong momentum will lead down to this level and remove the path to test $ 165.

On the contrary, going over $ 172 will indicate the start of the upscale control. This is likely to witness the initial resistance created at $ 175. A break above this level will nullify the narration of the downside. In addition, the control extended by the sellers can decrease the procedure and test the second obstacle at $ 178.