Bearish opinion has been weighing on Solana (SOL), whose price dropped below $170 in the volatile world of cryptocurrencies. As of right now, SOL is trading at $152.26, which is a major drop of 9.64% in just 24 hours. This has investors and experts worried.
Solana is still one of the best cryptocurrencies. It has a market value of about $67.9 billion, making it the fifth-largest by market cap. But recent trading shows that volume has gone through the roof, rising 128.83% in the last day to hit $5.74 billion.
Solana’s Price Reacts To Overall Market Decline
The price of SOL is going down because the altcoin market as a whole is going down. The price of Bitcoin, the most popular cryptocurrency, is just below $68,000, while the price of Ethereum is well below $3,400. Analysts think that changes in the market before Bitcoin’s upcoming halving event may be adding to the general negative mood.
Traders and investors are paying close attention to how the price of SOL changes, and there is a lot of talk about where it will go in the short term. If the bullish trend starts up again, Solana might be able to break through the $170 level of support, which would open the door for a rise to $190 or even $200.
However, if bearish forces get stronger, SOL may have to test support levels, with $130 becoming a key level. If there is more downward pressure, SOL could fall into the $120 support zone. This could mean that market opinion has changed.
There are mixed signs from technical indicators. For example, the Relative Strength Index (RSI) is close to the oversold level at 36.16, which suggests that SOL may be undervalued. On the other hand, the Moving Average Convergence Divergence (MACD) sign shows that prices are going down. A recent crossover shows that prices are going down faster than expected.
Because of the lack of certainty, buyers should be careful and keep a close eye on how SOL’s price changes. The cryptocurrency market is notoriously unstable, so SOL faces a lot of chances and risks as it navigates through rough seas.
