Cryptographic markets consolidate before the liquidity of $ 5 billion in space, because FTX should distribute stablecoins to their creditors. While the price of Bitcoin has slipped below $ 105,000, the Solana price also reached the stockings nearly $ 160. The price continues to cope with a more ascending pressure, which could lead to the levels below the beach. With this, the price has reached a crucial price range; Therefore, a major withdrawal could follow if the bears continue to exert more pressure.
Now, the question arises whether the price of the soil opposite the trend of forming higher ups and stockings.
Solana’s long -term price action remains under a lower action, regardless of short -term prices. Unfortunately, the price is faced with a withdrawal from the crucial resistance, which suggests the growing domination of bears. Meanwhile, the techniques also turned against the Bulls, referring to the price to local support soon.
The ground price is negotiated in an expanding descendant channel, and the price is faced with a rejection after having tested the upper resistance. The RSI has displayed a downward divergence, while the CMF remains below 0. It alludes to the existence of the downward domination since the beginning of the year, whatever the interim optimistic action. If the upward pressure degenerates, the price is feared to go strongly to local support at $ 151.97. Moreover. The price is plunging after reaching the 50 -day weekly MA just below $ 170, which raises enormous concerns.
After reaching the new heights greater than 3.5 billions of dollars, the cryptographic markets seem to consolidate for a while while Bitcoin faces ascending pressure. Consequently, a lower weekly fence could validate a new lower action, pushing the Solana price (ground) to lower support, probably nearly $ 130. Consequently, the coming monthly fence could be extremely important for the soil price and the entire cryptography market.
