SOL is currently trading at $32.72, down 16.5 percent over the past seven days, and at roughly the same level as it did on Friday, according to Coingecko data released on Monday.
Analysts claim that the lack of price movement in Solana indicates that the market is unsure of the cryptocurrency’s future course.
Past $3, Solana is unable to save itself.
This week, the Solana coin’s retracement phase entered the negative territory as investors lost nearly 20% of their money. Given that prices have been unable to rise above the $33 resistance level, the downward trend seems unaffected.
$30 serves as the next level of support, where prices earlier this week found stability. Solana prices could fall to $28 if this level is breached.
On Saturday night, the bears were able to close a daily candle below the 20-day simple moving average (SMA), which also served as a temporary barrier. The market value of Solana decreased by 10% that same night, dropping below $11 billion once more.
While the bulls are attempting to post a bullish comeback for the Solana currency, the bears are active close to the $43 resistance level. The bulls were twice rejected close to the point of resistance in response to the roller coaster ride.
SOL lost more than 25% of its value over the previous week.
Similarly, Solana’s trading volume, which is currently $620,821,685, has been relatively low. Bullish price increases have been attempted, but have so far been ineffective.
Over a quarter of SOL’s value was lost in the previous week. When the price hit $44, a significant resistance level, it started to decline.
The bulls, who now appear to be missing from the market, are under a heavy burden from the increased sell volume. In the event that the price approaches a significant support level, market participants expect a response.
Meanwhile, Crema Finance adds its name to the list of compromised Solana blockchain protocols.
The liquidity protocol announced on Twitter early on Sunday that all network activity had been suspended due to the attack.
The Solana network has experienced numerous setbacks and chain exploits this year. The protocols of the network have also deteriorated.
In the first three months of this year, the Solana ecosystem experienced five hacking incidents that cost $397 million, according to a survey by Atlas VPN.
