- Solana price eyes the lows at $30.
- SOL breached a consolidation triangle to the downside.
- The alt should climb past $49.50 to invalidate the bearish narrative.
Solana appears primed for downward movements towards the $30 value area. The altcoin exhibits massive bearishness, with hurdles plaguing the upside journey. While writing this content, Solana traded at $41.20, losing 0.17% within the past day. Meanwhile, the altcoin lost 17.22% within the previous seven days.
SOL Primed for Declines to $30
Solana price reveals shocking trends for intraday traders. Bears managed to drag SOL back toward $40 this week. Moreover, the newfound bearish momentum signals more downside actions in the up-and-coming days.
Changing hands near $41 show Solana down 140% from its April peaks of $140. Though the massive fall, bears seem committed to sending the alternative token lower. The altcoin breached the triangle setup that has cautioned Solana prices within the previous two weeks. The move suggests another 20% for the alternative coin. The FIB retracement tool surrounding the all-time lows and ATHs offers a confluence for the $30 target, with a .318 FIB level residing around $30.92.
Solana needs to breach the $49.50 triangle's apex to cancel the prevailing downtrend bias. Bullish dominance around this region will annul bearish tendencies, setting an upside target at $80. That would lead to a 100% surge from SOL's current price.
Meanwhile, the crypto market rides bearish waves. Bitcoin remains underpinned beneath the $30K mark as the bellwether crypto weakened further over the past sessions. BTC lost 0.75% within the past 24rs to $28,771.51. Moreover, the asset has dropped 36% since 2022 started, triggering downside price movements within the crypto world, with the dominant crypto set to close another week in loss, the longest streak since August 2011.
Meanwhile, Fed's stiffer monetary policies, crypto-specific crashes following the UST crisis, and macroeconomic turmoil contribute to the cryptocurrency downturn. The digital asset space has lost about $500 billion in May, reflecting a 29% drop.
Moreover, cryptos declined even with stocks risking, breaking the latest lockstep relationship between the two asset classes. That prevents a worrisome trend for the cryptocurrency industry, highlighting further declines.
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