In recent months, Solana (SOL) has been one of the best-performing large-cap cryptocurrencies. The SOL token hit a new high of $267.52 over the weekend, bringing its year-to-date performance to almost 1,500 percent. The desire for decentralised financial ventures appears to be driving Solana’s recent rise.
Solana Price Action
Since setting a new high a week ago, the price of Solana has plummeted by over 13%. Its market cap has plummeted 6.83 percent in the last 24 hours, according to CoinMarketCap.
The crypto fear and greed index has reached a level of greed of 74. Solana now has firm support near $180, while resistance has risen to $260.
The low for today was $236, which has been tested several times since then. SOL/USD is currently trading at $237, down 1.7 percent on the day. If the support levels don’t hold, we could see a decline below $225 or even lower.
SOL has been on a week-long slide after hitting an all-time high of 260 over the weekend. It was down 3.14 percent at 226.15 at the time of writing.
We had a profit-taking fall in Solana this week, but September’s high of $215-220 turned into support, and the price is again reversing higher. If a double bottom at $220 fails to keep SOL on the chart, the price will be vulnerable to another 5 percent sell-off.
As per 1-Day Time Frame, the price movement is trending downwards over time, which is a negative indicator. The RSI indicator also indicates that the decline is likely to continue.
According to 1 Week Time Frame, the Solana coin is under minor selling pressure, with average volume activity. Since the last few trading sessions, SOL has been trading sideways, with technical metrics indicating negative project signs.