Why Solana Is Going Down Today?

Amid the ongoing market uncertainty, the SOL price has failed to hold its value above its important support level. This has resulted in it experiencing a major price crash this month.

Evaluating the recent market movements, investors are curious with questions like “Why is Solana value dropping?” In this article, we have uncovered the possible market sentiments and short-term Solana Price Analysis just for you!

SOL Coin Price On The Verge Of A Major Breakdown!

The price of Solana has lost 8.89% in 24 hours with a trading volume of $3.42 billion, a change of +152.86%. Moreover, this altcoin has erased 13.27% over the past week and 36.87% in 30 days. With a YTD return of -18.21%, this altcoin has a market cap of $77.056 billion.

The Simple Moving Average (SMA) constantly acts as a resistance to the Solana price chart. This suggests an increase in the selling-over-buying pressure for the altcoin in the cryptocurrency market.

Moreover, the RSI indicator records a steady decline toward the oversold range in the daily time frame. Furthermore, with its average trendline acting as a resistance to the price chart, the SOL coin price may continue recording a negative action in the upcoming time.

Will Solana Recover?

Suppose, a trend reversal occurs, in that case, the SOL crypto price could retest its immediate resistance level of $181.50. Maintaining the price above that level could push the price toward its upper target price of $209.07 this Q1.

On the contrary, if the bears outrun the bulls, the SOL coin price may retest its important support level of $150. Furthermore, if the bearish sentiment intensifies, the price of Solana coil plunge toward its lower support level of $127.

Are you one of many who are planning on stacking this altcoin but are curious to explore the long-term prospects? Read CoinPedia’s latest Solana Price Prediction today to uncover the possible mysteries!

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