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As the price of Bitcoin falls to what seems like an inevitable $26,000, altcoins are also experiencing significant losses. What is worrisome is that everything is developing against the risk markets on the macro front. Investors are selling due to the possibility of geopolitical and inflationary risks deepening. Miners, in particular, are leading the way.
Solana (SOL) Reviews
The inflation data was not so bad, but buyers seem to have given up now that sales are strong. Bulls, who did not return to the market after losing the $27,200 support, have now surrendered the $26,800 support to bears. If the negative trend continues, the region can turn into a tough resistance. On the other hand, the negative movement in BTC price is also dragging altcoins down.
Many cryptocurrencies have already fallen to or near their all-time lows. There is now a BTC performance that undermines the positive divergence of altcoins supported by investors. The BTC price, which reached $24.79 on October 2, has lost a significant support level today. Thus, the gains from September have been returned.
The current negative performance is happening despite institutional inflows of over $20 million into Solana ETPs last week. If institutions are also fleeing this week, sales could accelerate with the report to be released on October 16.
SOL Coin Price Prediction
Readings on the daily chart show a breakout from a decreasing wedge pattern on September 15. The upward movement led to the formation of a peak at $24.80 on October 2. However, despite trying to hold on to $22 during the general market decline, SOL Coin bulls lost their strength with BTC price losing the $26,800 support.
Nevertheless, SOL Coin is currently above the long-term support line at $19. As long as this level is maintained and depending on the situation of BTC, a rapid recovery can be seen. The TVL increase has reached an important level, which is supportive for the price.
On the negative side, there is a downward trend in the RSI. If the Relative Strength Index (RSI) is above the neutral level of 50 and the price is increasing, it is a sign of strength. However, the opposite is true for SOL Coin today. If the SOL Coin price continues to fall, it may retreat to a region that is 12% below the current price.
