Solana Price is under pressure this week with the collapse of the encryption market accelerating. After its peak at $ 187 last week, the currency fell to $ 159, and there are signs that the sale will get Steam. Sol was traded at $ 164.2 on Friday, a 45 % decrease from the highest point this month.
Technical analysis of prices in Solana
The daily graph shows that the Sol price is at the risk of more whip in the coming days. This is because the currency has formed a double pattern at $ 184.5 on the graph for 12 hours. This style consists of two summits and a neckline, which, in this case, at $ 159.45.
Double style is one of the most accurate plans patterns in technical analysis, as it sends a sign that investors are afraid to buy a higher origin than a specific price. In the case of Solana, investors are afraid to put quotas above the dual point at $ 184.5 and a 50 % REErmercing level in Fibonacci at $ 195.
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It has moved to the moving average of 50 periods, a sign of control of bears at the present time. Also, the RSI indicator and other oscillator indicated to the bottom, indicating that the declining direction is continuing.
The distance between the upper side is from the top and the neck line is about 14 %. Measurement of the same distance from the neck line raises the target price to $ 136, which is less than a few points from the decline point 23.6 %.
Solana Hephum’s price will be nullified if you move above the resistance point at $ 184.5.
Why Sol immerses
There are some reasons why Solana price is in a declining direction. First, the decline due to the collapse of the continuous encryption marketand With Bitcoin drop from $ 111,900 last week to $ 106,000 today. Bitcoin decline often leads to more negative side among most Altcoins, including Solana.
Second, investors throw the Solana Mimi currencies. Coingecko The data indicates that the maximum market for all Solana Meme currencies has decreased from more than $ 15 billion last week to more than $ 11.4 billion today. Most of them have landed in the past few days, as the escape has decreased by 28 % in the past seven days and Dogifat has decreased by 18 %.
All other Solana MC currencies such as Bonk, Pudgy Penguins, Popcat and CAT in the world of dogs have decreased by more than 20 %.
This diving had an impact on the ecosystem of Solana, with a 24 -hour decrease in DeX from $ 2.23 billion. They deal with the BSC and Ethereum series to 12.3 billion dollars and $ 3.4 billion.
The total display of Stablecoins on the Solana Network continues to decline. It moved from an altitude of $ 13 billion earlier this month to $ 11.5 billion, and the trend continues.
In addition, the Solana financing rate has become negative, a sign that investors expect the future price be less than the current price.
Therefore, a group of tough total economic news about trade, along with weak internal numbers means that the price of Solana will continue to decrease in the short term. Moreover, June is usually the worst month of encrypted currencies.
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