Price Behavior of SOLV
At launch, SOLV experienced a rapid rise driven by initial interest from the DeFi community, reaching its peak at around $2.80 during the initial launch months.
After that, it faced a significant correction due to profit-taking and a decline in broader market sentiment in cryptocurrencies, gradually dropping to levels between $0.60 - $0.80 over several months.
It witnessed some attempts at recovery but the price continued to fluctuate between $0.70 and $1.00 with clear resistance levels around $1.
In recent months, the price has declined to levels close to $0.30 with relative stability around this area, reflecting a consolidation phase.
Technical Analysis with Levels and Momentum for SOLV
Strong Support:
The level of $0.30 - $0.35 forms a strong bottom where the price has found repeated support and has not clearly dropped below this point.
Key Resistance:
Around $0.85 - $1.00, this area has seen repeated failed attempts to break the price upwards and represents an important psychological and technical barrier.
Moving Averages:
SMA20 is mostly below SMA50, indicating a long-term bearish or neutral trend, but it is gradually declining, suggesting a reduction in bearish momentum.
Momentum Indicators
RSI is close to 40-50 reflecting a state of convergence between buying and selling forces, with the potential for an upward movement if volume increases.
MACD shows convergence between the lines with a slight inclination towards positivity in some periods, suggesting that the trend may change if support and trading volume improve.
