Traders Struggling as SOL Is Down Below 20% Over Last Week

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  • Solana traders are suffering as the coin’s price continues to fall.
  • Trading volume for SOL has also seen a decrease of 10.34%.
  • If bulls step in, they will have to overcome the 9 EMA barrier.

Solana traders are suffering as Solana’s (SOL) price continues to fall over the last 24 hours, according to the crypto market tracking website, CoinMarketCap.

At the time of writing, SOL was trading at $35.01 after dropping 18.26% over the last seven days. This trend has continued over the last day as the coin has experienced a price drop of 0.76%.  The trend seen in SOL’s price tells a story of the entire crypto market over the last week, as the majority of the crypto market is in the red for this time period.

Compared to the two market leaders, Bitcoin (BTC) and Ethereum (ETH), SOL has weakened by 0.20% and 2.31% respectively. This means that SOL is currently worth about 0.001644 BTC and 0.02145 ETH.

The trading volume for SOL has also seen a decrease of 10.34% over the last 24 hours and now it stands at $871,427,010.

SOL / Tether US 1D (Source: CoinMarketCap)

Things are looking bearish on SOL’s daily chart and there are no clear signs of a trend reversal into a bullish rally yet. The 9 EMA has crossed below the 20 EMA to confirm the start of a short-term bearish cycle.

Additionally, the RSI line has plummeted into oversold territory. The price of SOL has now consolidated somewhat as it rests on a support level. Should this support level fail to hold, we could see the price of SOL drop to between $32 and $28, which is the next support zone.

If bulls step in, they will have to overcome the 9 EMA barrier before it can confidently be said that the trend is reversing.

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