Traders and investors have been particularly interested in Solana in recent months. Many long-term and short-term investors are watching the coin’s performance before putting their trust in it.
Over the last seven days, the price of Solana has plummeted, and the coin has continued to fall. With a $1.4 billion trading volume, the price has dropped even more to $136.
Solana’s market capitalization has risen to $42.7 billion in the last 24 hours. Due to the current market instability, the price is expected to fall much further.
SOL Price Action
On its 4-hour chart, SOL created a rising wedge and experienced a collapse over the past two days. The bulls have been unable to break through the $149 barrier since seeing a red engulfing candlestick on January 13th.
After losing the $138.5 level on January 18, the token formed another crimson engulfing candlestick. The enhanced bearish influence was confirmed by this reading. While the immediate supply zone (green rectangle) was holding firm, any more retracements would find support at $134.79.
The alt was trading at $137.27 at the time of publication. It was critical for the purchasers to keep the RSI at 43. The RSI was heading south, towards the oversold region, as they failed. In addition, the DMI confirmed a bearish bias. Despite this, the ADX (directional trend) remained weak.
Solana to Trigger a Rally?
Solana is expected to surge, according to a well-known crypto expert and trader.
Crypto strategist Altcoin Sherpa tells his Twitter followers that
He says, SOL appears that this present area served as support; this makes sense considering that it is the 200-day exponential moving average and the last true consolidation area in September.At the very least, a lower high of $170 is expected, he adds.