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Solana’s SOL has recovered from the bottom of $ 32.
Solana is touted as an Ethereum killer, but there are concerns about frequent network issues.
Prices have not yet found a lasting bullish momentum as $ 42 resistance keeps it low.
Most cryptocurrencies are trading at low prices for multiple years, so the bottom of the price is a perfect buying opportunity. Solana SOL / USD, one of the fastest growing cryptocurrencies in 2021, is trading at $ 32. The price is well below the record high of $ 250. Cryptocurrencies traded at $ 42 a few days ago, up significantly from a low of $ 26. Currently, SOL seems to be trapped under $ 42 resistance.
SOL should be above $ 42 to see a sustained recovery in prices. Prices appear to have outperformed the downtrend, but SOL remains bearish. SOL’s weaknesses stem from the shortcomings of the general market and networks.
Solana is often advertised as an Ethereum murderer. Labeling derives from its similarity to Ethereum while providing a more scalable ecosystem. The ecosystem also offers faster and cheaper transactions compared to Ethereum. Earnings from the previous year underscore the trust Solana has built in the blockchain industry. However, some hacks and network outages are accelerating the weakness of the SOL market. In addition to the weaknesses of the sector, Solana needs to tackle network issues in order to compete with Ethereum.
Source TradingView
In the short four-hour time frame, SOL is under pressure after being unable to break above $ 42. Weaknesses emphasize the lack of directional movement of tokens. If the RSI is 25, the token is currently oversold. However, the next support is $ 26, so there’s still room to move down. As long as the bear crypto market continues, SOL will remain trapped at less than $ 42. Breaks below $ 26 support cannot be ruled out.
Solana’s SOL is bearish. Tokens can’t exceed $ 42 and are low. The next level to watch is $ 26, but the price could go down.
