Altcoin
Main reason why Solana (SOL) price dropped today!
The cryptocurrency market has seen bearish price action for the fourth consecutive day, highlighting an increase in negative influence within the cryptocurrency space. Additionally, major tokens are losing momentum this week as Bitcoin AND Ethereal tokens are hovering near their important support levels.
On the other hand, SOL price failed to maintain its bullish momentum in the past few days. This led to the erasure of its weekly gains. With the increasing volatility in the cryptocurrency market, it can Price Solana recover $200 this August?
Read on as in this article, we will discuss the market sentiment, price analysis, and possible near-term price targets of the Solana (SOL) cryptocurrency token.
SOL price records bearish start to the month, major crash coming?
Amid mounting selling pressure in the cryptocurrency market this week, the price of Solana cryptocurrency has dropped by 7.83% in the last 24 hours with a trading volume of $3.523 billion, a change of +37.44%. It has also dropped by around 13% this week, indicating a negative outlook in the coming days.
TradingView: SOL/USDT
Notably, the altcoin has seen a significant uptrend in its respective portfolio over the past few weeks adding 32.06%. However, the SOL token failed to maintain its value above the $190 mark, causing the recent price crash.
The main reasons for the recent decline are assumed to be a natural correction or increased fluctuations in the cross-border financial system.
Solana’s Market Sentiments:
The SMA indicator is on the verge of recording a bearish crossover on its price chart, which suggests a negative outlook for the altcoin this week.
The Relative Strength Index (RSI) is experiencing a bearish convergence in the 1D time frame and has shown a sharp decline towards its neutral point. This highlights an increase in selling pressure for the price of SOL coin in the cryptocurrency space.
Will SOL Price Reach $200 This Year?
If the cryptocurrency market experiences a bullish reversal, then Solana price will regain momentum and head towards its resistance level of $181.50 this month. Holding the price at this level could lead this altcoin to prepare to test its major resistance zone above the $190 level.
On the contrary, if bears continue to dominate the cryptocurrency sector, the price of SOL cryptocurrency might plummet towards its important support level of $155 in the near future.