- SOL’s price dropped 1.16% over the past 24 hours and was trading at $28.40.
- The altcoin’s price rebounded off of the key support level at $27.00 in the previous 2-3 hours.
- A bearish candlestick was forming on SOL’s hourly chart, which could result in a short-term drop in SOL’s price.
The price of Solana (SOL) dropped slightly over the past 24 hours according to CoinMarketCap. At press time, the altcoin was trading at $28.40 after it fell by 1.16%. Despite the 24-hour decrease in price, SOL’s weekly performance remained firmly in the green at +32.30%.
The altcoin was, however, able to outperform the two market leaders Bitcoin (BTC) and Ethereum (ETH) during the past day of trading. At press time, SOL was up 2.33% against BTC and was up 2.80% against ETH. As a result, 1 SOL was worth 0.0009299 BTC and 0.0146 ETH.
Furthermore, the daily training volume for SOL dropped more than 30%. The crypto’s total 24-hour volume stood at $1,680,294,882, which was a 32.01% drop compared to the previous day’s trading volume.
From a technical perspective, SOL had rebounded off of the major support level at $27.00 over the past 2-3 hours. As a result, the altcoin’s price had entered into a mini bullish move and was attempting to challenge the key resistance level at $28.60 at press time.
If SOL is able to close an hourly candle above the $28.60 resistance within the next 3 hours, then it may continue to climb to the next resistance level at $30.00 before the close of today’s trading session. On the other hand, if the crypto’s price is rejected by the $28.60 resistance in the next 2 hours then SOL may be at risk of retesting the aforementioned $27.00 support.
There was a bearish shooting star candlestick forming on SOL’s hourly chart. If this candlestick pattern does form, then it will signal a potential bearish trend reversal for SOL. In this scenario, the altcoin may not have enough buy pressure to elevate it above the $28.60 mark before the end of today’s trading session, and may result in SOL’s price dropping in the coming few hours.
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