Can Solana survive its recent setbacks? Share price plummets to $146

Amid the turmoil in the cryptocurrency market, Solana’s native token SOL is facing a severe test. Solana, a top blockchain platform known for its excellent technology and extremely fast transactions, has suffered a major setback in its currency price recently. However, investors and analysts are paying close attention to every subtle change in the market to predict SOL's future direction.

This article will take an in-depth look at the pricing challenges currently facing Solana and look ahead to the profound impact these challenges may have on its market performance. Understanding these factors is crucial for investors who want to cut through the fog of SOL price volatility.

In the past 24 hours, SOL’s price has been trading around $146, down 5.40%. Despite this, its market capitalization still exceeds $67 billion. In addition, Solana’s trading volume exceeded $1.3 billion. Despite the price drop, its market value still increased by 0.64%, and its trading volume increased by 40.90%.

Looking at the 4-hour chart, two clear bearish candles show SOL price returning to a downward trajectory after trying to climb higher. More worryingly, Solana's current price has fallen below its 100-day moving average, which may indicate that the price trend may further turn negative.

However, it is worth noting that this is only a short-term fluctuation phenomenon. The General Trend Oscillator indicator on the 4-hour chart shows the possibility of an upward move in SOL price, as both the indicator’s signal line and the SMA (Simple Moving Average) move closer to the zero line.

Meanwhile, on the 1-day chart, a strong bearish candle attempted to break the market calm, with Solana also trading below the 100-day SMA. Although the outlook is full of uncertainty, the tenacity and wisdom of the Solana team and community will be the key to weathering the difficulties.

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