Solana continues to paint its charts in red, registering declines on its intraday, weekly, biweekly, monthly and year-to-date price metrics.
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The crypto has already lost 89.3% of its November 6, 2021 all-time high (ATH) of $259.96 and is currently trading at $27.81 according to tracking from Coingecko at the time of this writing.
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Over the last seven days, the altcoin dropped by 7.4%. On a 14-day period, Solana declined by over 15% as it failed to make any kind of recovery for quite some time now.
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As if the cryptocurrency hasn’t suffered enough already, its analysis points indicate it is due for a bearish pull in this extended crypto winter.
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Solana Seen Dropping Before Bouncing Back
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After Solana fell below the crucial $30 marker, its chart had red candlesticks for three straight days, putting its trajectory into a further decline.
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The digital asset’s problems became bigger when it dropped below $28 as its 20 and 50 Exponential Moving Average (EMA) indicated sellers having a huge advantage this time.
Source: TradingView
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A piece of good news, however, is that despite having another bearish run, Solana managed to keep its hopes of making a bounce back intact.
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A massive downward pull will likely put the altcoin in $26.3 support which will give sellers the opportunity to do their work and deflate SOL’s price further, all the way to $24.
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After this, the digital coin is seen to have some breathing room and prepare for an upward price rally which will target the $27 to $29 range.
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If Solana manages this, it will recover some of its losses over the last week. Analysts, however, are seeing a slow moving phase for the crypto asset.
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Solana’s DeFi Locked Value Plummets To Under A Billion
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Solana used to rival some of the more prominent blockchains in terms of its Decentralized Finance (DeFi) total value lock (TVL).
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Just last year, the network’s TVL recorded a massive surge as it reached over $10 billion. However, at press time, that value significantly dropped and is at just above $860 million.
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Not only did Solana’s TVL dried up, it is in danger of going down even more as the DeFi industry has lost a lot of its momentum.
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It would appear not many people are willing to gamble and take risks in a market that is under a bearish streak.
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If this continues, SOL will likely end-up falling below the $25 marker and will lose any chance of triggering a bullish rally on the way to hitting another all-time high.
SOL total market cap at $9.9 billion on the weekend chart | Featured image from Analytics Insight, Chart: TradingView.com
