SOL to Target $12.63 If Current Price Drop Continues

• SOL is currently trading at $13.18 after a more than 5% drop in price.
• The price of SOL is being held up by the 9 EMA line.
• If a price drop does occur in the next 48 hours, SOL’s price will target $12.63.

One of the cryptocurrencies in the red for the day is Solana (SOL). According to CoinMakretCap, SOL is currently trading at $13.18 after a more than 5% drop in price over the last 24 hours. The altcoin is, however, still up by 39.05% over the last seven days.

Also in the red zone is SOL’s 24-hour trading volume which currently stands at $767,181,856 after a more than 46% decrease since yesterday. SOL also weakened against Bitcoin (BTC) by 4.81% over the last day.

The price of SOL is being held up by the 9 EMA line on its 4-hour chart currently. This follows its impressive price move which spanned multiple days over the last week. In this move, SOL’s price climbed from a low of $9.94 to reach a local top at $14.24, before retracing to its current level.

Volatility for the Ethereum-killer has died down after the high levels seen in the altcoin’s meteoric move upwards. SOL’s price may consolidate now if bears don’t enter the market in the coming 2-3 days. Its price is currently being squeezed by the resistance level at $13.44 and the 9 EMA line.

If a price drop does occur in the next 48 hours, SOL’s price will target $12.63. This price drop may have too much built-up momentum that bulls will be unable to overcome, subsequently resulting in a further price drop. The next support target will then be $11.96.

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