SOL Is Overtaken by AVAX and LEO on Coinmarketcap’s List

• SOL’s price dropped another 5.01% over the last 24 hours.
• The altcoin has been overtaken by LEO and AVAX in terms of market cap.
• A large amount of sell volume has entered SOL’s charts today.

Woes for the suffering Ethereum-killer, Solana (SOL), continue as the altcoin’s price has dropped 5.01% over the last 24 hours, according to CoinMarketCap. At press time, SOL is trading at $9.12, and is currently down 23.20% over the last 7 days as well.

Solana’s continued drama has resulted in Avalanche (AVAX) and UNUS SED LEO (LEO) overtaking the altcoin in terms of market cap. SOL was ranked as the 17th biggest project in terms of market cap, but is now ranked at number 19 on the list. This comes after its market cap dropped to $3,348,558,045.

The altcoin can still reclaim position 18 if its price is able to recover a bit, given that the current market cap of LEO is estimated to be $3,348,672,569 at press time.

SOL attempted to break above the 9 EMA line on its 4-hour chart, and was able to do so. Unfortunately, bears brought the altcoin’s price down back below the line shortly thereafter as bulls were unable to hold the level.

The surge in buy volume that entered SOL’s 4-hour chart was followed by 8 hours of over-dominating sell volume. Despite the high levels of bearish pressure, the 4-hour RSI indicator is still signaling bullish. Currently, the 4-hour RSI line is positioned above the 4-hour RSI SMA line.

However, the positioning of the 4-hour RSI line above the 4-hour RSI SMA line may be a result of the large injection of buy volume that entered SOL’s charts 12 hours ago and not a sign of bullish sentiment.

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