Solana (SOL) Price Drops Below $130 Following Market Bears
- The Altcoin, Solana, recorded a price decline of 10.96% in the last seven days.
- The token’s daily trading volume has increased by 47.49% according to CMC data.
The second largest altcoin Solana showed price declines in the last 24 hours, amid market declines. SOL, despite receiving market attention for memecoins failed to price in the meme season over the past month. In the last 24 hours, the altcoin has shown bearish movements, hitting its weekly low momentarily.
Moreover, Solana’s price showed a 3.19% decline in the last 24 hours. In the late hours of July 4, the token was trading at the $130 level hitting an intra-day high of $135. However, as the day progressed it depicted bearish candles and slid to a weekly low of $122.44. Meanwhile, its daily trading volume depicts a 47.49% increase. At the time of writing, Solana was trading at $129.60, according to CMC data .
Zooming out, over the past week, Solana exhibits a price performance of 10.95% decline. It began the week, trading at the $145 level, but in the coming days, it slid to current trading levels as leading cryptocurrencies showed price declines.
SOL/USDT Daily Price Chart (Source: TradingView
)
Moreover, the current price decline has instigated a selling pressure parallel to Bitcoin and Ethereum. Solana’s RSI currently stands at 40.17 indicating the sell sentiment. Additionally, the token’s short-term 9-day MA stands above the current trading price highlighting the bearish trend as per TradingView reports .
Will Solana Price Show Recovery in the Coming Months?
According to market analysts, Solana is expected to experience more bearish trends in the coming months. The token has currently found support at the $129 level. In case of a bearish trend extension, it will fall further down to the $126 support level.
Moreover, according to the TNC analysts prediction , in case of a bullish takeover, Solana’s price may surge to a resistance level of $204. The token’s bullish price prediction for 2024 stands at $343.63. However, if the bears remain undefeated the token might slide down to a bearish price of $82.58.
Additionally, in the last 24 hours, the community has witnessed alarming levels of price dips and FUD. The overall market has followed in Bitcoin’s footsteps to show price declines over the last few days.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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