Is Solana (SOL) Dipping to the Bottom in the Crypto Market?

• Solana (SOL) is having a ‘strong sell’ moment through technical analysis.
• The current price of Solana is $15.79% as per CoinMarketCap.

As June 2023 has started out with a bear market, it just keeps on continuing with the same. However, the blockchain platform named Solana (SOL) had remarked an utter loss over a month of analysis. According to CoinMarketCap, SOL is pricing at $15.79 with a 25.23% decrease over the last 7 days. 

Moreover, the market capitalization of SOL is also down at 9.65% which is accounting for $6B as per the analysis. Furthermore, the trading volume is at its peak with an increase of 187.40% on its 398M circulating supply in the current market. This indicates the strong sell market on SOL through technical analysis.

SOL ranges between $13 to $20 when considering the last three to four days yet Solana ranged at $22.24 at the start of the week. To mention, the market capitalization of Solana has fallen from 8.81B to 5.45B over the week concerning the highest and the lowest respectively. 

Additionally, the bearish momentum is expanding over the last 4 hours. It resembles the crypto market turning out completely volatile. The current Relative Strength Index (RSI) depicts the oversold state and this might probably indicate the change in price though it is oscillating.

This is nothing to wonder that SOL is having a bear market at the moment. However, the global crypto market has already fallen by a 4.08% compared to the previous day whereas the market capitalization is around $1.05 trillion. Mentioning that the loss has occurred once Robinhood delists Solana, this could also be the cause of a bearish state. 

Recommended For You:

Solana (SOL) Price Prediction 2023