Solana (SOL) Price Analysis
Solana (SOL) has fallen more than 9% in the past 24 hours, with prices struggling amid uncertainty surrounding Bitcoin and the larger cryptocurrency market. SOL started the week on a positive note, rising 4.57% on Sunday to $146.62. The gain also saw SOL break above its 20-day moving average as buyers attempted to push prices above $150. Following a small gain on Monday, SOL gained nearly 5%, with strong bullish sentiment pushing prices above $150, with SOL closing at $153.86 on Tuesday.
The market turned bearish on Wednesday, with SOL falling 8.53% and falling back below $150 to close at $140, with the 20-day moving average acting as support. However, as selling pressure intensified during the current session, sellers were able to push prices below $140. SOL is currently down more than 4% and trading below its 200-day moving average at $134.53.
So, will bearish sentiment continue to drag SOL lower, or will there be a rebound? The price chart shows that the 20-day SMA is flattening, while the RSI is near the midpoint, indicating a balance between supply and demand. If SOL cannot break through the 200-day SMA, we may see prices fall to $120. However, if this support level holds, SOL may try to recapture $140. A close above this level may push it back to $150.
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