Solana’s price has been volatile over the past week, with no significant change over the past 24 hours. Last week, SOL fell 6%. At the moment, Solana’s price is neither heading into the bullish zone nor into the bearish territory.
The technical outlook for the altcoin has given mixed signals. Broader market weakness could be attributed to the mundane price action of the altcoin.
Bitcoin slipped below $20,000 and many other top altcoins also traveled south.
The buying strength on Solana’s daily chart remains negative with chances for it to decline further on its chart. The bulls are also working hard to defend the $29 price.
A drop below the aforementioned level could push SOL into a bearish pit.
Solana’s price had recently formed a round bottom, making buyers excited about its next price move. However, the coin could not hold the bullish anticipation. The global cryptocurrency market capitalization today is $1 trillion, with a 0.1% negative change in the last 24 hours.