Solana, one of the most talked about cryptocurrencies on the market, has faced a significant drop in its value in recent days. Seeing a decline of more than 25% in just one week, the cryptocurrency now trades below $140, a milestone considered crucial by many industry analysts.
Recently, the value of the Solana token fell to $117, a considerable drop that reflects the decline in the cryptocurrency market. SOL's market capitalization still remains high, exceeding US$63 billion, but the recent loss in value has raised concerns. At the time of publication, the price of SOL was quoted at US$137,56 with a drop of 9% in the last 24 hours.
Amidst the price drop, a more than 70% increase in trading volume was recorded, which could suggest a consolidation of the downtrend. The token's volatility analysis also points to marked instability, with the prevailing sentiment in the market still inclined towards pessimism.
Even with the drop in prices, Solana remains one of the most popular digital currencies, which is evidenced by the high social volume. This shows that, despite current challenges, the currency still maintains a certain degree of relevance and interest among investors.
Concern grows as Solana price breaks critical support zones. According to recent posts by renowned analysts, SOL price tested its support near US$150, but failed to remain above that level. This raises questions about how far the price could fall, with forecasts pointing to potential lows close to $100 and, if there is no recovery, even $90.
Sat on support right now. Need the bulls to hold here ideally pic.twitter.com/Zn65WgXmYy
- Crypto Tony (@CryptoTony__) April 13, 2024
Technical indicators provide a glimmer of hope for coin holders. The MACD, a popular trend indicator, is showing bearish signs, however, other indicators such as the Relative Strength Index (RSI) and the Chaikin Money Flow (CMF) suggest a possible recovery, having registered an increase after reaching critical zones.
