SOL stock is down more than 20% over the past seven days.
Several indicators and technicals are bullish for #SOL .
#Solana [SOL] was one of the #altcoins most affected during the market crash, as the token's value fell by double digits.
However, things could get even worse as Solana's price has fallen below key support levels.
According to CoinMarketCap, the price of Solana has fallen by more than 20% in the past seven days. In the last 24 hours alone, the token's value has fallen by more than 6%.
At the time of writing, SOL was trading at $142.9 with a market capitalization of over $63 billion.
Even more discouraging news is that while the token's price has fallen, trading volume has increased by more than 70%, justifying the downward trend.
According to AMBCrypto's analysis of Santiment data, the volatility of the SOL 1w price has increased dramatically. Bearish sentiment around the #token also remained prevalent, as evidenced by the low weighted sentiment score.
Nevertheless, SOL's social volume remained high, reflecting its popularity in the cryptocurrency space.
However, SOL's problems didn't end there: the token's value fell below the critical support zone.
Popular crypto analyst Crypto Tony recently posted a tweet highlighting that the SOL price is testing support around $150.99. Unfortunately, by the time the tweet was published, the price of the token had fallen.
This suggests that Solana investors may witness a further drop in the token price in the coming days.
AMBCrypto checked Hyblock Capital's data and found the next possible support level for SOL. According to our analysis, SOL liquidation could act as support for a sharp rise around $BTC If the token fails to test this level, its price could fall to $120 before gaining bullish momentum.
The MACD technical indicator also showed a bearish bias, suggesting a further price drop.
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