The Solana (SOL) cryptocurrency experienced a volatile week in terms of price, amidst selling pressures after failing to maintain psychological resistance levels around $200.
📉 Weekly price performance:
Opening: $205.76 (July 22)
Closing: $182.99 (July 28)
Highest level: ~ $205
Lowest level: ~ $182
Total decline: about -11%
The currency recorded significant daily fluctuations, with the most notable drop on July 23 at -7.96%, followed by another decline on July 24. Despite attempts to recover mid-week, the price closed below $185.
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⚙️ Influencing factors:
Failure to break through resistance at $200: This triggered sell and profit-taking orders from major traders.
Decline in new users: The network lost nearly one million new addresses in two days, reflecting a decrease in retail activity.
Impact of Bitcoin's decline: Weaker broader market momentum and reduced risk appetite negatively affected the performance of Solana and other alternative currencies.
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📊 Technical outlook:
General trend: Bearish in the short term
Closest support: $178
Next resistance: $190 then $200
Momentum indicators: Show signs of weakness on RSI and MACD indicators, which may limit chances of a quick recovery unless a clear breakthrough in trading volume occurs.