- Solana’s Price Changes in the Last 24 Hours
- Technical Analysis and Trends
- Reasons for the Current Price Dip
In the cryptocurrency space, market volatility is commonplace. However, significant movements on charts often capture investors' attention. In a related manner, Solana, the second-largest altcoin, showed notable price changes in the last 24 hours.
Solana’s Price Changes in the Last 24 Hours
The cryptocurrency Solana, known for its activity in the memecoin space, dropped in price by 4.54% in the last 24 hours. According to CoinMarketCap (CMC), the token's highest value reached $156.49 during the Asian session on August 27. Later, SOL took a bearish turn, and prices fell to previous resistance levels, much to traders' dismay. The intra-day low was recorded at $143.32. At the time of writing, Solana was trading at $147.11.
Technical Analysis and Trends
According to the daily price chart, Solana’s short-term 9-day moving average (MA) still stands above the long-term 21-day MA. This indicates the token’s overall bullish trend, despite the one-day bearish takeover. Meanwhile, the recent bearish turn has seen SOL experiencing selling pressures once again after nearing a neutral market sentiment. According to TradingView, the token’s Relative Strength Index (RSI) stands at 47.02.
Reasons for the Current Price Dip
In the last 24 hours, several cryptocurrencies, including Solana, have shown price dips. Notably, after reaching $65K, Bitcoin’s price flipped down to $59K. This bearish trend in the largest cryptocurrency also impacted the altcoin market, including Ethereum and Solana. Additionally, Solana’s prices declined after a bullish weekly price rally. Over the last seven days, SOL showed a price performance increase of 3.93%. At the beginning of the week, the token traded at $139, but in the following days, price breakouts propelled it to a two-week high of $162. If the current dip is brief, analysts expect Solana to reach new highs. Conversely, in a prolonged bearish trend, Solana might slide below $140.
Thus, despite the recent drop, Solana remains popular among cryptocurrencies, and investors continue to monitor its price changes in anticipation of possible new highs.
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