• SOL is currently trading at $32.34 after a 9.96% drop in price.

  • The altcoin’s 24-hour trading volume is also in the red by more than 29%.

  • Bearish sentiment in the daily RSI indicator suggests SOL’s price will drop below the 20 and 50 EMA lines.

Solana (SOL) has made it onto CoinMarketCap’s trending list for all the wrong reasons today. According to the crypto market tracking website, SOL is currently trading at $32.34 after a 9.96% drop in price over the last day, and after reaching a low of $32.10 over the same time period.

Looking at the longer time periods, things do not look much better for the Ethereum-killer. At the moment, SOL is down 2.38% over the last week and is in the red by 1.23% over the last thirty days.

SOL’s 24-hour trading volume is also in the red by more than 29% today to now stand at $1,756,056,333.

SOL is currently the 10th biggest cryptocurrency with its market cap of $1,756,056,333. This places the altcoin right behind Cardano (ADA) in the 9th position and in front of Polygon (MATIC) in the 11th position.

SOL/USDT daily chart (Source: CoinMarketCap)

SOL’s price is currently resting on the 50 Exponential Moving Average (EMA) line. Up until this point, the 20 EMA was on course to cross bullishly above the 50 EMA. However, this move was halted by SOL’s price movement over the last 24-48 hours.

As a result, SOL’s daily chart is now looking bearish, as the daily Relative Strength Index (RSI) line has crossed bearishly below the daily RSI SMA line. In addition to this, the daily RSI line is also sloped negatively toward oversold territory. The bearish sentiment shown in the daily RSI indicator suggests that SOL’s price will drop below the 20 and 50 EMA lines.

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