Solana's price campaign remains bearish as long as it is less than $ 40. A number of lower highs is still valid.

• The price campaign by Solana remains bearish as long as it is less than $ 40
• A number of lower highs is still valid
• Only an interest bully breakthrough over $ 40 makes the bearish mood invalid

Solana was introduced in the first quarter of 2020 to support intelligent projects and decentralized apps. What followed was one of the most impressive rally in the history of the cryptocurrency market.

Sure enough, the pandemic helped because people literally threw money into every project that had something to do with online shops. Governments and central banks also flooded the financial system with cheap money, so that speculation on the cryptocurrency market and on the stock exchange reached an extreme level.

At its climax in November 2021, Solana performance reached $ 18640.78 %. It was traded over $ 225, but the decline was as impressive as the climb.

He is now traded around $ 20, far below his all -time highs. With regard to the performance since the introduction, however, it provided remarkable results, since the price itself has increased by over 1500 % since the introduction.

Solana-chart from Tradingview

The bearish mood remains as long as it is less than $ 40

In 2023, the cryptocurrency market recovered from its recent deep stalls. Led by Bitcoin, further cryptocurrencies followed.

Solana recovered from the deep stalls when other cryptocurrencies recovered - at the end of 2022. Since then it has recovered significantly, but the declining tendency remains less than $ 40.

traders should concentrate on the series of lower lows that remain intact. Therefore, the chances are good that the rally 2023, although it is less than $ 40, is nothing more than a bear market rally. Such rallies are known to be aggressive and misleading.

In summary, it can be said that the bulls should maybe wait for Solana to act over $ 40 before building a long position. Otherwise there is a risk that the lows will be tested earlier than later, since the bears will continue to put the market under pressure.