Solana price has dropped by over 13% since hitting its record-high a week ago. According to CoinMarketCap, its market cap has dropped by 6.83% over the past 24 hours. During the same timeframe, the 5th largest crypto by market cap has had its trading volume fall by 41.70%.
The altcoin has been under pressure for the entire week even as greed continues to define the crypto market. The crypto fear & greed index is at a greed level of 74. Granted, the figure is a decline from the previous session’s extreme greed level of 77. However, it has remained on this side of the spectrum since the past month.
After hitting its all-time high of 260 over the past weekend, SOL has been on a week-long decline. At the time of writing, it was down by 3.14% at 226.15.
On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages; which points to further losses. At its current level, Solana price may continue finding support at 220.50. Subsequently, I expect it to trade within a tight range with 238.65, which is along the 25-day EMA, being the horizontal channel’s upper border.
Below the channel’s lower border, the bulls may have to defend the crucial support zone of 200. On the flip side, a move above the 25-day EMA will likely place the resistance level at 253.44. In the short term, the record-high of 260 may remain evasive.
This post was last modified on Nov 12, 2021, 10:45 GMT 10:45