SOL Technical Analysis: Bearish Downfall Targets The $80 Mark

The SOL coin price fails to rise above the resistance trendline of the falling wedge pattern in the daily chart. Will the downfall hit $80? Solana is an efficient open-source project which relies on the permissionless nature of blockchain technology to provide decentralized financial ( DeFi) solutions. Although the concept and initial development started in 2017, Solana was officially launched in March 2020 by the Solana Foundation with headquarters in Geneva, Switzerland. Solana is well-known as a cryptocurrency due to the rapid processing times that blockchain provides. Solana’s hybrid protocol permits significant reductions in the time required for validation of both smart contract and transaction execution. With lightning-fast processing speeds, Solana has attracted a large amount of interest from institutions in addition. Let us move ahead to read about SOL technical analysis. Past Performance of SOL The SOL coin price continues to resonate within the falling wedge pattern in the daily chart as sellers drive the trend. The coin price falls upto 30% in the past two weeks as it makes a lower high in the ongoing correction phase. As the price retraces from the resistance trendline, the price breaks below the $100 mark. SOL/USD Daily Chart SOL Technical Analysis The SOL coin price continues a downfall as it retraces from the resistance trendline and breaks below the psychological barrier of $100. The coin price may shortly re...