- Solana trades at $146, marking a brief decline of 2.30% over the last 24 hours.
- The daily relative strength index (RSI) stands at 44.10, approaching the neutral zone.
Solana (SOL), the fifth-largest cryptocurrency by market cap, has extended its recent downward trend, failing to break out of the $150 zone. As bears are overpowering the feud, SOL dropped down to a brief bearish zone at $146.
Notably, in the last 24 hours, after a 2.30% drop, SOL managed to record a high of $150.81 and a low of $142.06. The altcoin’s daily trading volume has dropped down by 16.32% to $2.74 billion. At press time, Solana was trading at $146 with a market cap of $68 billion, according to CoinMarketCap data. Meanwhile, Solana has witnessed a 24-hour liquidation of $14.32 million, as per Coinglass data.
Crypto community rooted for the launch of Solana spot ETFs in the US after BTC and ETH spot ETFs. On August 8, Brazil’s Securities and Exchange Commission (CVM) approved the world’s first Solana (SOL) spot ETF. Despite this ETF approval, Solana’s price did not display a significant surge and instead hovered around the $150 range.
Can SOL Defeat the Bears?
Looking at last month, Solana was trading at a high of $193, and slipped down to $112. Over the last week, the token displayed a brief spike of 4.81%, hitting $162. Gradually, the price dipped into the $140 range.
Solana is in the bearish zone, as the short-term 9-day and 21-day moving averages are above the current price at $147 and $160, respectively. Additionally, the daily relative strength index (RSI) stands at 45.08, indicating the asset is approaching the neutral zone, as per TradingView data.
Looking ahead, if SOL bulls regain control, the price could rise to a potential $151 initially. Subsequent resistance might be found at $157. However, if the bears overpower the bulls, it could fall back to $137. Further declines will drive the SOL price to the $132–$130 range.
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