$SOL
Solana Has Given Up Key Levels
The cryptocurrency market cap is 3% lower than it was a week ago. But worse, buyers have failed to form a reversal to growth over the past two weeks. The crypto market is forming a local lower high trend, showing a 14% decline over the past month. The 3.3 trillion level serves as local resistance, leading the market down.
At the same time, the sentiment index remains close to neutral territory, as selling pressure is very even. The overflow of cryptocurrencies from retail investors' wallets to institutional investors' portfolios may have played a role. Such dynamics put increasing pressure on some altcoins.
Bitcoin is approaching 95,000 and has been declining for the third time in a row. This is a dangerous decline towards the lower boundary of the February trading range and not far from the local low of the past three months. Nevertheless, BTC has been trading mostly below its 50-day moving average since February 4, which indicates that the uptrend has been broken.
Things are worse for Solana. The coin fell below its 200-day moving average earlier this week, which accelerated the sell-off. As a result, Solana has lost about 20% for the week and 40% over the past 30 days. Technically, a failure below the key average could be followed by a decline toward $130, a support area from April to September of last year.
