- The price of Solana (SOL) has dropped 50% year-to-date, and 95% from its 2022 highs.
- CoinMarketCap indicated that the altcoin also printed a 8+% loss over the past 24 hours.
- Technical indicators suggested that SOL’s price would continue to drop in the next 24-48 hours.
The price of the once-trending altcoin Solana (SOL) is down around 50% in a year and 95% from the highs it had reached last year. Furthermore, CoinMarketCap indicated at press time that the altcoin’s price fell victim to the market-wide sell-off over the past 24 hours, resulting in a daily loss of just over 8%. This recent price drop meant that SOL was trading at $19.88.
The Ethereum-killer was also outperformed by the two market leaders Bitcoin (BTC) and Ethereum (ETH) over the last day. As a result, SOL was down 4.31% against BTC and weakened 5.18% against the biggest altcoin by market cap.
From a technical perspective, SOL’s price recently dropped below the key support level at $20.14, where it continued to trade at press time. As a result, the altcoin’s price may continue to drop to around $19.15 in the next 48 hours.
Technical indicators supported the thesis that SOL’s price would continue to drop in the coming days, as the RSI line on the daily chart had crossed bearishly below the RSI SMA line in the last 2 days. Furthermore, the 9 EMA line had triggered a bearish flag and had crossed below the 20 EMA line earlier in today’s trading session.
Should these bearish technical flags be validated, SOL’s price could drop to the next key support level at $18.62. Traders may not want to rule out the possibility of SOL’s price rebounding in the next 24-48 hours, however, given that it still has the support of a positive trend line.
If SOL’s price drops to the aforementioned $19.15 mark, which is the level of the positive trend line, then bulls may identify the level as a buy opportunity. Should this happen, SOL may climb back above the recently-flipped $20.14 price point. Thereafter, it may continue to climb and retest the next major resistance level at $22.39.
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