Solana [SOL] succumbs to the crypto carnage by sinking below $200
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by Sahana Kiran
Smeared in red, the crypto market witnessed nothing by loss. Solana [SOL], XRP, Polkadot [DOT], and other altcoins had taken a hit. Bitcoin [BTC] wasn’t faring well either as it slipped way below $50K. At the time of writing, BTC was trading for $48K and the asset had a major hindrance to overcome before hitting $1 trillion again.
The meme coins also followed the ongoing sentiment in the market and drowned in the red sea. All the gains, these assets had amassed over the last couple of weeks were going down the drain.
Solana [SOL], has been one of the most promising altcoins this year. From surging all the way over $200 and to climbing the crypto ladder, SOL garnered several fans. However, the asset was enduring a slump similar to the entire crypto market.
During press time, SOL was trading at $177.82 with a 5.28% drop over the last 24-hours. The altcoin had found itself way over $200, but the bears managed to push it back down. Having witnessed a loss of up to 24% throughout the week, another push from the bears could drive Solana down to $150.
Despite, the bearish invasion, Solana managed to stay afloat in terms of ranking and market cap. The altcoin lounged as the fifth-largest cryptocurrency with a market cap of $54 billion.
Solana [SOL] one-hour price chart on Coinbase
A possible change in trend could be underway for the altcoin. The short-term price chart of SOL noted a possible increase in volatility. The bands in the Bollinger Bands indicator were slightly apart hinting at the possibility of price fluctuations. The Awesome Oscillator indicator suggests that this could be beneficial for the altcoin as the market was traversing into the bullish arena. The green closing bars laid out by the indicator affirmed this occurrence.
The Relative Strength Index [RSI] indicator noted that Solana was being overtly sold.
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