Amid the significant fall in the price of cryptocurrencies, as we witnessed throughout the week, Solana was no exception. $130, marked as a key support level for Solana by the crypto market experts and analysts, is again touched by Solana.
Though at some point it felt like Solana will be able to regain its momentum and we could see a rally again, it did not happen. It seems that the investors are interested in buying it at these critical levels. Talking about the key resistance levels, Solana is facing some significant resistance at the $155 and $170 levels, which even the bulls are unable to break through.
Well, it was seen that the trading volume decreased as the price of Solana fell to its critical levels, clearly indicating that the market was not favoring bears. Hence, it seems that the bulls are now given another chance to push Solana and ignite a rally.
Will Solana be Able to Cross Resistance Levels?
Last week, Solana even being in a kind of rally, was not able to break through the mark of $155, and slipped back to its support level, which is around $130. This implies that the bulls are lacking what is required to push Solana to cross this hurdle.
In addition to this, we must not neglect the fact that the Federal Reserve has a key role to play in increasing the fear in the crypto market. This triggered a slump in the price of the flagship cryptocurrencies, which later lead to the fall in the entire crypto market.
It seems that the price of Solana will show improvement once the fear related to COVID-19 and inflation calms a bit and the market leaders, Bitcoin and Ethereum, show some uptrend. Well, as we have always seen, Bitcoin only will be able to carry the market ahead and the rest of the coins will follow its lead.