By Franklin Smith
Briefly –
- Solana’s price reflects the effect of a DDOS attack within the last few days.
- The four-hour chart shows a possible bear pennant break out.
- As the RSI displays bearishness, Solana bears aim a downward move towards $135.
Solana had its price tumbling to new weekly lows at $161.04 before SOL rebounded, closing Saturday neat at $172.09. Meanwhile, the alt’s bears reclaim levels under $170 during Sunday trading sessions. Such movements saw the ‘Ethereum-killer’ dropping 2% of if price within 24 hours.
Solana price encountered a hard hit over the last three trading sessions amid a massive DDoS (distributed denial of service) attack. Moreover, the new selling wave gripping the cryptocurrency market contributes to Solana’s renewed downward momentum.
Solana bulls failed to take advantage of the updates that Opera’s wallet will support Solana early in 2022. For now, the browser developer works on the integration.
SOL Plans a Massive Technical Breakdown
Solana’s 4hr chart shows the altcoin’s recent consolidation leads to a bear pennant pattern, keeping SOL sellers cheerful. Keep in mind that the ETH-competitor entered into consolidation mode after the latest crash in the crypto spectrum.
If Solana bears secure a massive foothold beneath the climbing trend-line support of $168 on a 4Hr candle closing basis, they will confirm a bear pennant breakout to the downside. The altcoin can venture into a downward journey towards $135.
Nevertheless, bears will challenge bullish commitments as 11 December lows at $161 and the psychological level at $150. The Relative Strength Index appears south under the 50 mark, a room for further declines.
Alternatively, a continuous break past the plunging resistance line at $173 will cancel the bearish pattern. With that, bearish 21 SMA at $177 will challenge the recovery path as bulls focus on the target at $180.
Solana suffers downside momentum as the token reflects the recent DDoS attack. The 4hr price chart depicts bearishness with a bear pennant looming. Moreover, the RSI supports bears’ favoritism. SOL’s path without many hurdles is the downward one. Furthermore, the bearish mode across the crypto spectrum might catalyze more Solana plunges.
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