SOL Market Analysis
SOL Price Drops About 10% and Falls Below $200!
SOL price has fallen below its important price level of $200, with an intraday decline of 9.62%. Notably, the altcoin, with a trading volume of $5.243 billion, has experienced a major setback this week, indicating an increase in bearish influence.
The SOL cryptocurrency has a year-to-date (YTD) return of +3.48%, a market capitalization of $94.719 billion, and is currently the 06th ranked cryptocurrency by valuation.
SOL Technical View
The Relative Strength Index (RSI) has recorded a sharp decline below the neutral point of the SOL price chart on the daily timeframe. Moreover, this altcoin may continue to depreciate this week as its average trendline records a bearish convergence.
The 50-day EMA in the SOL price chart is showing a negative curve, indicating bearish price sentiment. However, the 200-day EMA is a strong support, highlighting the room for a possible bullish reversal in the coming period.
Is SOL worth holding or selling?
In the event of a bullish reversal, the SOL token price could re-cross the $200 mark and head towards its important resistance level of $209. Assuming the bullish sentiment continues till then, this could push the price of this altcoin to the upper limit of $225.
Conversely, if the bears outweigh the bulls, the Solana token could drop to the $190 support level. Moreover, if the bearish sentiment intensifies, this could pull the price towards its critical support level of $181.
