- Solana is trading at $196, marking a loss of over 8%.
- SOL has experienced $37.49 million in liquidations over the past 24 hours.
The global crypto market has been shaken by a strong bearish pullback, losing 6.58% over the past 24 hours and bringing the market cap down to $3.35 trillion. The altcoin, Solana (SOL) has been hit hard, plunging by 8.32%.
Solana is struggling to clear the $200 zone and has begun to decline, which has trimmed its recent gains. Notably, the SOL price is currently trading below the mark and showing sturdy bearish signs.
At press time, Solana trades at $196.97. The intraday trading of the altcoin price is noted at $203. Moreover, the daily low and high prices are likely found at $193.54 and $215.29, respectively.
The altcoin has witnessed a 24-hour liquidation of $37.49 million, as per Coinglass data. Consequently, the daily trading volume of SOL has reached $5.68 billion.
Furthermore, Pumpfun has recently deposited 98,594 SOL worth $20.47 million to Kraken. Over time, it has deposited a total of 1,662,657 SOL, estimated at around $337 million to the exchange. To date, Pumpfun has earned a total of 2,129,336 SOL, valued at approximately $428 million.
Is Solana Set to Extend Its Downtrend?
The four-hour trading window of Solana reports a steady downside correction. If the altcoin fails to hold above the current trading mark, it could escalate the decline, pushing back the price to $192.48. Further price correction of SOL might test the crucial support at the $185 range.
Conversely, with increased buying pressure, SOL’s price could surge past and challenge the nearby $199.47 resistance. In the case of forming a golden cross, the altcoin can breach and potentially revisit its new high of $204.
In addition, the technical analysis of SOL unveils the bearish momentum by inferring the Moving Average Convergence Divergence (MACD) line. It has crossed below the signal line, and it suggests that the price may continue to plummet or remain underselling pressure.
Also, the Chaikin Money Flow (CMF) indicator is likely found at -0.17, suggesting a negative money flow and moderate selling pressure in the market. In the meantime, SOL’s daily trading volume has soared by over 74.96%.
Solana’s daily relative strength index (RSI) is settled at 29.62 indicates that the asset is in the oversold territory. Also, the daily frame of the altcoin reveals the short-term 9-day moving average beneath the long-term 21-day moving average.
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