Solana Inches Closer to the $100 Support as Token Crashes 15% in Single-Day
- Solana price has shown significant drops in the last few hours, as the crypto market crashed.
- Its daily trading volume shows a surge of 205.21% as per CMC data.
Community members in the Asian crypto sector have woken up to the inevitable. With the latest market crash, analysts’ predictions have been realized, as Bitcoin plummets to the $77K level. With a significant 7% drop in the overall market cap, the reflection in the alt sector is quite definitive.
Notably, one of the leading altcoins, Solana has factored in a significant price drop of 14.95% in the last 24 hours. This has caused the altcoin to trade at the border of the $100 level after weeks of struggling to hold above $120. This has instigated panic selling among investors.
In the morning hours of April 6, SOL was trading at $120, however, as the day progressed bears began to overpower the consolidation. This caused it to reach the current $101 level. At the time of writing, Solana was trading at $101.35 as per CMC data.
Subsequently, the past day saw whales dumping the SOL tokens. According to Lookonchain reports, one particular whale, unstaked 202,604 tokens and deposited them to Binance. He made this movement to cut further losses and his current loss stands at $678K.
Will Solana Price Drop Further Below $100?
Although analysts have not recently predicted Solana’s price action, technical indicators suggest impending downward trends. Its price movements have traced a descending channel pattern which indicates the aforementioned negative trends.
Additionally, its short-term 9-day MA stands several yards below its long-term 21-day MA. Secondly, its RSI value stands at 30.94 as per TradingView data. This suggests that the altcoin has entered into an oversold market situation.
If Solana falls below $100 it might find support at 97.90 and 80.49 in the coming days. On the other hand, altcoins such as Cardano and XRP have also shown similar bearish movements in the last 24 hours.
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Solana Inches Closer to the $100 Support as Token Crashes 15% in Single-Day
- Solana price has shown significant drops in the last few hours, as the crypto market crashed.
- Its daily trading volume shows a surge of 205.21% as per CMC data.
Community members in the Asian crypto sector have woken up to the inevitable. With the latest market crash, analysts’ predictions have been realized, as Bitcoin plummets to the $77K level. With a significant 7% drop in the overall market cap, the reflection in the alt sector is quite definitive.
Notably, one of the leading altcoins, Solana has factored in a significant price drop of 14.95% in the last 24 hours. This has caused the altcoin to trade at the border of the $100 level after weeks of struggling to hold above $120. This has instigated panic selling among investors.
In the morning hours of April 6, SOL was trading at $120, however, as the day progressed bears began to overpower the consolidation. This caused it to reach the current $101 level. At the time of writing, Solana was trading at $101.35 as per CMC data.
Subsequently, the past day saw whales dumping the SOL tokens. According to Lookonchain reports, one particular whale, unstaked 202,604 tokens and deposited them to Binance. He made this movement to cut further losses and his current loss stands at $678K.
Will Solana Price Drop Further Below $100?
Although analysts have not recently predicted Solana’s price action, technical indicators suggest impending downward trends. Its price movements have traced a descending channel pattern which indicates the aforementioned negative trends.
Additionally, its short-term 9-day MA stands several yards below its long-term 21-day MA. Secondly, its RSI value stands at 30.94 as per TradingView data. This suggests that the altcoin has entered into an oversold market situation.
If Solana falls below $100 it might find support at 97.90 and 80.49 in the coming days. On the other hand, altcoins such as Cardano and XRP have also shown similar bearish movements in the last 24 hours.
Read More