Why Solana (SOL) Price Is Down Today?

The cryptocurrency market continues recording a mixed price action since the month started. This has resulted in top tokens breaking down their important support trend levels. Following this, the SOL price has plunged below the $200 mark.

Considering the current market trends, investors are curious with questions like “Is this a good time to invest in Solana tokens?” In this article, we at CoinPedia have uncovered the possible short-term Solana Price Analysis just for you!

SOL Price Drops Below The $200 Mark!

The price of Solana has dropped by 4.59% in 24 hours with a trading volume of $3.340 billion, a change of -14.51%. Further, it has plunged 5.59% over the past week, indicating an increase in the selling pressure. With a market cap of $94.605 billion, it has a market dominance of 3.021%.

The Relative Strength Index (RSI) records a steady decline toward the oversold range in the daily time frame. Moreover, its average trendline displays a similar price trend, hinting at a negative outlook for the altcoin in the coming time.

On the other hand, the SMA indicator witnesses a bullish convergence in the Solana price chart. This suggests mixed price sentiment for the 05th largest cryptocurrency in the market.

Will Solana Price Rise Back Up?

Suppose, the bulls regain momentum, the Solana price could retest its immediate resistance level of $200. Furthermore, if the bulls maintain dominance, this could set the stage for this altcoin to head toward its upper resistance level of $210 this month.

On the contrary, a sustained bearish action could result in the price of Solana token plunging toward its crucial support level of $181.50. Moreover, if the bearish sentiment intensifies, this could pull the value of this altcoin toward its low of $155.

Are you one of many who are curious to explore the long-term prospects of SOL tokens? Read CoinPedia’s Solana Price Prediction to uncover the possible mysteries!

FAQs