- Solana has factored in a significant price drop of 11.56% in the last 24 hours.
- The altcoin’s daily trading volume has surged by 81.71% as per CMC data.
Major altcoins dropped significantly in the Asian morning hours of January 27. As the movement alarmed investors, Bitcoin intensified the bear market with a drop below the $100K level. It is currently trading at the $98,000 level causing further dips in altcoins.
On the other hand, particular altcoins have sustained their bullish momentum.
However, Solana, one of the leading altcoins, has rendered its price movement to a significant bearish trend with a 11.56% drop in the past day. In the afternoon hours of January 26, SOL was trading at a high of $256.
The aforementioned drop has caused it to fall to the $225 level losing several months of bullish movements. However, in the past hours, the altcoin has been attempting to recover, with mild upward movements. According to CMC data, at the time of writing, Solana was trading at $224.98.
This drop in the last 24 hours, has caused the altcoin to lose several support levels including the $240 and $230 support. Zooming out, to its weekly chart, it shows a 15% drop further highlighting the effect of the past day’s movements.
How Will the Single-Day Dip Affect Solana?
On analyzing its technical indicators, Solana’s past-day price movement has caused it to trace a descending channel pattern. In the case of not witnessing a quick recovery, Solana’s price might continue to drop. Moreover, the altcoin’s Moving Average signal line has come close to a negative crossover below the MACD line.
Furthermore, its RSI has also taken a sharp dip to 49.65 as per TradingView data. This indicates an oversold market situation, further highlighting the possibility of more drops. However, if Solana manages to overcome today’s dip it might still hold potential for a bull run in the coming months.
Meanwhile, other cryptocurrencies, such as Bitcoin and Ethereum, have also yielded bearish trends.
