With the downward trend in the cryptocurrency market, Solana (SOL) has experienced a downward momentum since the beginning of the week. It started trading at $25.05 after recording its latest value losses. An analyst evaluating the current technical outlook for Solana pointed out possible price levels that could play a critical role in the near future.
Solana (SOL) Falls to Critical Price Levels
The cryptocurrency market experienced a downward momentum throughout the week as the leading cryptocurrency Bitcoin fell below the $30,000 price level at the beginning of the week. Ethereum (ETH) started trading at $1,870 after recording value losses during the week. The total market capitalization of the cryptocurrency ecosystem fell to $1.18 trillion after the declines recorded during the week, according to CoinMarketCap (CMC) data.
Furthermore, the cryptocurrency market started the day with a sideways movement. According to Coinglass data, the cryptocurrency market saw an average of $15 million worth of short and long positions liquidated in the last 24 hours.
Solana’s native cryptocurrency SOL resumed its decline as the cryptocurrency market showed a downward trend again at the beginning of the week. SOL, which recorded a loss of nearly 2.5% in the past week, lost more than 1.5% in the last 24 hours and started trading at $25.05.
Analyst Points to Critical Price Levels
A crypto analyst known by the username “Pentoshi” on social media evaluated the current technical outlook for SOL and pointed out possible price levels that could play a critical role in the near future through a series of tweets. The analyst indicated a price level of $22.3 for SOL and suggested that if these price levels are maintained in the near future and the market starts to rise again, it could accelerate the rise of Solana (SOL).
Furthermore, the analyst also discussed possible scenarios that could occur if the price level of $22.3 is not maintained in the near future. According to the analyst, a loss of value for SOL could gain momentum if the critical price levels are not maintained.
