Solana (SOL) may recoup losses of the last 7 days

Solana continues to fill the chart red and record declines in intraday, weekly, biweekly, monthly and year-to-date price indicators.

• Solana has lost more than 7% in value in the last 7 days
• SOL’s Prolonged Bearish Move Likely to Drive Assets Below $25
• Solana’s current TVL is less than 1 billion

The cryptocurrency has already lost 89.3% of its November 6, 2021 high (ATH) of $259.96 and is currently trading at $27.81 according to tracking. coin gecko at the time of this writing.

Over the past 7 days, altcoins have fallen 7.4%. In 14 days, Solana was down more than 15% of his.

As if the cryptocurrency hasn’t suffered enough yet, its analysis points show it’s set to be a bearish pull in this extended crypto winter.

See Solana drop before bouncing

After Solana broke below the critical $30 marker, its chart showed red candlesticks for three days in a row, taking its trajectory further upwards. rejected.

The digital asset’s troubles got even bigger when it broke below $28 as the 20 and 50 exponential moving averages (EMAs) this time showed sellers had a big advantage.

Source: TradingView

The good news, however, is that despite another bearish move, Solana has kept hopes of a bounce back intact.

The massive drop will likely push altcoins to support at $26.3, giving sellers an opportunity to do their job and push SOL’s price further down to $24.

After this, digital coins seem to have some breathing room and are poised for a price hike targeting the $27-$29 range.

If Solana can manage this, they can recoup some of last week’s losses. However, analysts see crypto as being in a slow-moving phase.

Solana’s DeFi Lock Value Plunges Below 1 Billion

Solana rivaled some of the more prominent blockchains in terms of decentralized finance (DeFi). total lock (TVL).

Just last year, the network’s TVL surpassed $10 billion, marking a massive surge. However, at the time of writing, its value has fallen significantly, to just over $860 million.

Not only is Solana’s TVL depleted, but the DeFi industry is losing momentum and is in danger of falling further.

It seems that not many people are willing to gamble and take risks in a bearish market.

If this continues, SOL will likely eventually break below the $25 marker, losing any chance of triggering a bullish rally en route to new all-time highs.

SOL total market cap at $9.9 billion on the weekend chart | Featured image from Analytics Insight, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.