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Solana, Bitcoin Cash, Tron Price Analysis: 8 December
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The post effects of the recent bearish move on record-high trading volumes visibly affected the overall trend. As a result, Solana, Bitcoin Cash, and Tron grappled with the 38.2% Fibonacci level.
After hitting their multi-month lows on 3 December, these cryptos have shown recovery signs but need to gather more volumes to turn the tide in their favor.
Solana (SOL)
Source: TradingView, SOL/USD
SOL lost nearly 32.6% (from 6 November) of its value as the price poked its six-week low on 3 December.
Post a down-channel breakout on 29 November, bulls breached the 38.2% Fibonacci resistance but could not sustain their pressure. The immediate pullback marked a bearish V-top, after which the price swiftly breached the six-week support at the $183-mark.
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