Solana (SOL) price has plunged over 18% in the past seven days, driven by reduced investor interest.
Formation of a Descending Channel
The Solana price has formed a descending channel on the 4-hour chart, showing a series of lower highs and lower lows. The current support level is at $185.96 and breaking this level could lead to a fall to $173.36.
Technical Analysis and Forecasts
According to technical indicators like MACD and RSI, the Solana price might rebound soon. The RSI has begun to rise, indicating increased buying strength, while MACD suggests the negative trend might be ending.
Solana Ecosystem Developments
Solana faces significant strain due to the rise of meme coins. The Solaxy project aims to scale the Solana network using layer-2 technology and bridging infrastructure between Solana and Ethereum.
The current Solana price decline comes with the development of infrastructural solutions that could positively impact its future.
