Checking $SOL steep decline and its impact on investor sentiment - AMBCrypto Analytics

An analysis of Solana (SOL) on a daily time frame revealed a consistent downtrend, with it declining for six consecutive days, each decline steeper than the last.

According to AMBCrypto, this downtrend began on 29th July with a 1.29% decline. This decline dropped the price from approximately $184 to $182.

The most significant drop occurred on 2nd August, with an 8.76% decline, pushing the price from around $167 to $152. This decline caused SOL to fall below its short-moving average (yellow line), which had been a support level. 

On 3rd August, SOL experienced another substantial drop of 6.6%, bringing its price down to around $142. This move pushed the price below its long-moving average (blue line), which served as another support level.

As of this writing, Solana was trading at approximately $142. The previous support levels, indicated by the yellow and blue moving average lines, have now become resistance levels.