Solana SOL Eyes Key Support At $31, Will It Survive The Next Leg Down?

Solana SOL trades below $35 against Tether (USDT) after flipping its support into resistance in recent weeks. The price of BTC failed to sustain its bullish structure as it breaks below key zones, this breakdown in prices affected other altcoins like Solana leaving investors confused as to where the market is headed. Related Reading: Ethereum Slides To $1,500 As Hype Around Merge Dies Down Solana (SOL) Price Analysis On The Weekly Chart From the chart, the price of SOL saw a weekly low of $31, which bounced from that area and rallied to a price of $44 after showing great recovery signs in recent weeks. SOL’s weekly candle closed with a bullish sentiment with the new week’s candle looking bearish showing signs of weakness after being rejected from $44. The price has struggled to gain traction as it attempts to hold key support. If the price of SOL on the weekly chart maintains this structure, it could quickly return to $31, which serves as key support. To avoid falling below $20, the price of Bitcoin must hold this support zone. Weekly resistance for the price of SOL – $44. Weekly support for the price of SOL – $31, $20. Price Of SOL On The Daily (1D) Chart With more sell orders, the price of SOL broke to the downside of a wedge, causing SOL to break its uptrend support. To avoid panic selling, SOL’s price needs to bounce and form support above. The price of SOL has shown strength in holding this support...