Solana, a prominent blockchain platform, is currently facing a significant downturn as a bearish wave affects its market. This decline has caused SOL’s price to drop below the $140 support level, indicating further potential losses ahead.
Technical indicators suggest that Solana may experience more declines in the near future. On the 4-hour chart, SOL is trading below the 100-day Simple Moving Average (SMA), signaling a bearish trend. The Relative Strength Index (RSI) on both the 4-hour and 1-day charts indicates that SOL’s price may continue to decline, with the RSI trending below 50%.
In terms of potential price movement, if SOL breaks below the $118 support level, it could test the $99 support level and potentially move even lower. On the other hand, if it breaks above $140, it may target the $160 resistance level and potentially reach new highs.
Currently, SOL is trading at around $133, with a market capitalization exceeding $61 billion and a trading volume exceeding $1.9 billion. Despite a slight decrease in trading volume, there has been an increase in market capitalization in the last 24 hours.
As a journalist covering cryptocurrency news, it is important to note that investing in cryptocurrencies carries risks. It is advisable to conduct thorough research and consult with financial advisors before making investment decisions. The information provided in this article is for educational purposes only and does not constitute financial advice.
In conclusion, Solana’s price analysis points towards a potential continuation of the current downward trend. Traders and investors should closely monitor the market for any signs of a reversal or further declines in SOL’s price. Stay informed and make well-informed decisions when navigating the volatile cryptocurrency market.