Solana buying interest weak, Bulls fight dirty
Solana continues to face challenges at the $140 price level, with its technical signals indicating a bearish outlook. The decrease in buying activity showed significant investors may be lessening their involvement.
Solana’s price skyrocketed last Sunday following reports on the U.S. strategic cryptocurrency reserve that included Solana and other cryptocurrencies.
Solana reached a high of $180 thanks to a powerful rally triggered by the timing of the announcement and the inclusion of cryptocurrencies other than Bitcoin.
Unfortunately, the altcoin’s gains were undone on Monday when Donald Trump shocked everyone by declaring that 25 percent tariffs would be imposed on Canadian and Mexican goods the next day. This announcement caused a global market meltdown that negatively impacted the crypto market
Market action showed Solana Bulls will need to break the $150 market to change the present dynamic.
With the $200 round level yet to be breached, the 50- and 100-day Moving Averages ($194 and $202.4) will establish the next resistance above. However, if short sellers maintain their grip, the $125 mark from February 28 might be achieved.
Investors remained cautious as the US president appeared to change his mind, and rumors that these customs duties could be postponed the next day were confirmed on Thursday.
However, this did not allow cryptocurrencies to recover. Friday’s below-consensus NFP report somewhat rekindled expectations of a Fed rate cut however Solana and other cryptocurrencies did not profit from it either.
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