🤔 Is Solana (SOL) Price Aiming to Break the Losing Streak?

The Solana (#SOL ) price has been on a free fall for the last five intraday sessions, losing nearly 15%. Moreover, except for the buying sessions, this has been a bearish month for Solana.

The SOL price performance highlighted a 22% asset value loss this month. Solana exchanged hands for close to $138.5 when writing, recording a nearly 1.08% loss intraday.

Let’s determine whether Solana Crypto could break this loss and recover in the next week.

🔸 Social Sentiments Highlight Increasing User Engagement

Despite the losing trend in the recent sessions, the analysts noted an essential development in on-chain metrics: social metrics. The social metrics include social dominance, volume, and social media platform activities.

As per the analysts, the social dominance and volume curve have improved in recent sessions. It indicated the rising engagement of Solana crypto on social media platforms like X (formerly known as Twitter), Telegram, etc.

Moreover, the other social metric, the Twitter follower curve, hinted at a positive growth of nearly 2000 weekly users. The increasing users’ engagement over social media often positively impacts asset prices.

Solana boasts a market capitalization close to $64.67 Billion, placing it at the 5th in the crypto space. The transaction volume has dropped to $2.19 Billion, losing 9% a day. Currently, the volume-to-market cap ratio at 3.42% suggests low volatility in the crypto.

🔸 Can #Solana Price Continue to Slide Toward the $130 Level?

The recent selling pressure has widened the losses incurred this month again. Solana experienced a tough month induced by volatility. The SOL price started in August with a sharp decline from $180 to $110.

After that, the bulls turned aggressive, and the price recovered to $163. Again, the bearish forces dragged the price close to the $140 level.

From a technical standpoint, the Solana crypto price has lost the support of important key moving averages of 20 to 50 days.