Is Solana Going to Zero? SOL Price Slashes 10% as Fresh Altcoin Bags $4 Million

cryptonews.com:

The SOL price has dumped by 11% this morning, on a bad day for the cryptocurrency market as a whole, which is down by 3%.

Yet at $57.84, SOL remains up by 17% in the past week and by a huge 140% in the last 30 days, with the altcoin also having gained by 480% across the year to date.

This makes it one of the best-performing major tokens of 2023, with further market pushes likely to benefit it more than many other similar coins.

However, its losses today raises the possibility that it may have peaked for the year, with other altcoins potentially a better bet right now, including presales tokens such as the increasingly popular Bitcoin Minetrix.

SOL has lost some short-term momentum as a result of today’s drama, yet its medium-term momentum remains very promising.

For example, its relative strength index (purple) has dipped a little bit, but only to 68, where it has flattened and looks like it could rise again.

Its 30-day moving average (yellow) also continues to ascend steadily above its 200-day average (blue), a clear market that the coin remains in the middle of a bullish, expansionary phase.

Importantly, SOL’s support level (green) continues to hold up in the face of losses, suggesting that the altcoin isn’t going to drop much further before rising again.

Its 24-hour trading volume also remains relatively bullish, at nearly $4 billion compared to $400 million a month ago.

That said, it’s clear that whales taking profits are the primary cause of today’s pain, with data showing a number of big transfers to exchanges in the past day or so.