$SOL Price Records A Bearish Start To The Month, Major Breakdown Inbound? - CoinPedia Analytics

Amid increased selling pressure in the crypto market this week, the Solana crypto price has plunged 7.83% within the past 24 hours with a trading volume of $3.523 Billion, a change of +37.44%. Further, has dropped approximately 13% this week, indicating a negative outlook during the upcoming days.

Notably, the altcoin had recorded a significant uptrend in its respective portfolio over the past few weeks by adding 32.06%. However, the SOL token failed to hold its value above the $190 mark, resulting in it experiencing the recent price dump.

The prime reasons for the recent drop are speculated to be a natural correction or increased fluctuations in the cross-border financial system.

The SMA indicator is on the verge of recording a bearish crossover in its price chart, suggesting a negative outlook for the altcoin this week.

The Relative Strength Index (RSI) experiences a bearish convergence in the 1D time frame and has displayed a sharp plunge toward its neutral point. This highlights an increase in the selling pressure for the SOL coin price in the crypto space.