What it will take to get the Solana price out of the gutter

Solana price shows strong macro technicals. Defining the true market bottom will be more challenging as SOL price could continue falling to $17.

Solana price is macro bullish but could fall in the short term

Solana price currently hovers at $35.45 as the bears are in control of the price action to start the second trading week of July. The 3-day chart shows the bears are inching away from breaching the counter-trend rally’s ascending trendline. This is a serious endeavor as a break of the ascending trend line could catalyze a 50% decline targeting $17. CoinMarketCap’s Top 10 Crypto Ranking confounds the potential for more decline as the Solana Market Cap is now ranked 9th, having witnessed one of the largest losses in net-value this week. 

Solana price from a macro perspective still has strong technicals. The centralized smart contract alternative has breached the Elliott-wave parallel t-end channel and shows a tapered volume pattern amidst the current downtrend. The current $35 price zone is certainly a discount as it was last auctioned in July of 2021 before an explosive 1,000% rally occurred. 

SOL/USDT 3-Day Chart
Nonetheless, defining a true market bottom is what every analyst in the crypto space is focused on these days. Buying the current Solana price is unwarranted unless the bulls can breach the $43.50 level. In doing so, they could invalidate the bearish trend and trigger a bull run towards $55, resulting in a 58% increase from the current Solana price.