With the recent spike, the crypto space had almost surpassed the $1.8 trillion mark. As the inflation rates made a huge noise and dragged the crypto space below. Bitcoin price had almost smashed $40,000 but now slid down below $39,000. The quick reversal halted the uptrend of most of the altcoins including Solana(SOL) price. The price is stuck up close to $80 for a long time waiting for the next trend to let off.
The SOL price has tested the key levels at $80 several times and hence these levels become important. As many traders are expected to set up ‘stop-losses’ at these levels. The buyers appear to be limited at now as they seem to wait for the asset to gain certain levels. This weakening buying volume is compelling the price to swing in a very narrow region nowadays.
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A popular analyst lets out the upcoming scenario for the Solana price which may slide to the lower support. According to the analyst, the SOL price is expected to swing along with the $80 levels for another couple of days more. However, instead of breaking out strongly from the consolidation, the asset is expected to drown beneath towards the lower support close to $70.
As the volume has depleted massively compared to that of the previous bounce, the possibilities of the trend reversal are pretty low. Also, the recent bounce off from the $80 levels on 08 March is extremely less compared to that of the bounce that occurred at the end of February. Therefore no bullish layout may be expected for the Solana(SOL) price may occur at least until the upcoming weekend.
Source: https://coinpedia.org/price-analysis/drowning-volume-may-nullify-the-buying-pressure-on-solana-sol-price/