Solana Price Update: SOL Drops 5% in 24 Hours – Future Price Prediction
The Solana price has fallen by 5% in the past 24 hours, dropping to $134.66 as the crypto market declines by 1.5% today.
Coins across the board have struggled in the past couple of weeks as the German government has continued to sell a big portion of the 50,000 BTC it confiscated in January 2024.
Despite these struggles, SOL holds onto a 10% gain in a week, although the major altcoin has dipped by 11% in the last 30 days.
It is, however, still up by 512% in the past year, underlining its medium- and long-term growth, and the momentum that could help it recover quite quickly.
SOL may have taken some pain in the past couple of days, yet its chart would suggest that it’s getting closer to having a rebound.
Its relative strength index (purple) plunged to 30 in the early hours of the morning and has remained low ever since, underlining the oversold position in which SOL finds itself.
At the same time, SOL’s 30-day average (orange) has fallen below the 200-day (blue) today, a sign that the coin may fall a little further today before potentially correcting itself in the next one or two days.
As with many other tokens right now, one encouraging feature of SOL’s chart is that its support (green) and resistance (red) levels are nearing each other, creating a bottleneck that could result in a big move.
SOL’s trading volume has also risen in the past few days, touching $3 billion as its market begins to heat up again.
These are all positive signs, and with the market about to witness the launch of Ethereum ETFs very soon, the Solana price will recover along with it.
The next few months may also bring increasing talk of Solana ETFs, with VanEck filing for its SOL fund in the past few weeks.
bitcoin = ideology
ethereum = academic
solana = product
