Solana has shown a price drop of 4.90% in the last 24 hours after the recent price increases.
The altcoin’s daily trading volume has increased by 5.67% as per CMC data.
The cryptocurrency market has witnessed a minor bear resistance in the past day, as digital asset prices have dunked. On the other hand, the crypto regulatory landscape has sprung to action as another month begins. A recent report released shows that the US SEC has charged the crypto sector with penalties worth $400 million since April 2021.
Meanwhile, Bitcoin has incurred a 3.91% price dip and slid to the $69K level. Following this, the altcoin sector has also mirrored price actions. Notably, the altcoin Solana also showed a 4.90% price dip retracing to the $166 level yet again. At the beginning of the day, the token was trading at a high of $176 before bearish candles took over.
Furthermore, SOL hit an intraday low of $165.05 following the $176 high after which it began rising to current levels. Additionally, the altcoin has exhibited increased volatility over the past day. At the time of writing, Solana was trading at $166.75 as per CMC data.
Zooming out, over the past week Solana shows a 3.11% price dip despite the past few days’ rally. The altcoin initiated its upward movement this week from the price level of $173. After this, it rallied further to hit a weekly high of $183.04 until the recent price dip.
Solana Price Monthly Overview
On inferring Solana’s monthly price chart it shows a significant 12.81% increase. This results from the altcoin climbing up from its previous support level of $148 to the aforementioned highs. Moreover, despite increased volatility as indicated by the RVI standing at 53.84, the token has managed to break several resistance levels.
SOL/USDT Daily Price Chart (Source: TradingView )
Furthermore, Solana’s Moving Average Convergence Divergence (MACD) shows a bearish crossover in the past day, as the MACD line stands over the MACD line as per TradingView data. However, the crossover seems quite recent as depicted in the chart which indicates that SOL can still recover from the brief dip.
If Solana manages to turn positive then it can be expected to return to the previous price rally. Meanwhile, other altcoins such as Ethereum and XRP have also shown negative price actions in the past day.
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