Solana (SOL) will Reach a Three-Months Low?

Solana (SOL) will Reach a Three-Months Low?
  • Solana (SOL) lost more than 21% of its value in 30 days.
  • Helium (HNT) may soon undergo a significant switch to the Solana blockchain.

Solana (SOL) slipped back into the red zone as the token neared a three-month low. At the time of writing, Solana traded at $31.50 with over a 10% decrease in the last 7 days and more than 21% in 30 days. As well as the cryptocurrency market have fallen to $895 billion, and the volume of the whole cryptocurrency market for the previous 24 hours was $62.41B, a decline of 6.37%.

Solana (SOL) price chart (Source: Tradingview)

Solana’s (SOL) Unstable Price Moment

The price of Solana (SOL) fell more than 5% on Thursday as it approached a multi-month low. SOL fell to a low of $30.51 earlier in the week after reaching a high of $33.07 on Tuesday. Solana’s price has down to its lowest point since June 13, when it was as low as $26.14, which brings it closer to its floor.

Following that, Solana dropped sharply last month, from a high of $48.18 on August 13 to a low of $30.12 on August 29. The relative strength index is still in the sell zone, suggesting that the bearish sentiment remained into September.

The index is currently tracking at 35.8, which is around 32.6 over the floor. Additionally, Solana’s Moving Average (MA), is below the 50 MA (short-term), as a result, the price of Solana is in a downtrend. Prices are expected to recover the low from June if this support is breached.

Recently, Solana faced flaws  in wallets, resulting in multiple Solana addresses affected by the hack. Over $5 million worth of SOL has been taken.

In addition, following the announcement of a new HIP 70 governance proposal on Tuesday. The Internet of Things (IoT) blockchain network Helium (HNT) may switch over to the Solana blockchain.

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A journalism graduate who is passionate about writing loves to dance and travel currently starts exploring blockchain technology.