Solana Could Hit Below $140 From the Bears’ Attacks
There are so many twists and turns in the crypto-verse. Today was the turn of the bears, and Solana [SOL] was the unfortunate victim of this bear takeover. Several cryptocurrencies were spotted suffering minor losses while the market as a whole was tainted in red.
Bitcoin [BTC] was still trapped below $50K, with the bear repeatedly thwarting its attempts to breakthrough. The same thing happened to Ethereum [ETH], Cardano [ADA], and Binance Coin [BNB]. All of these investments were losing 4% to 5% on a daily basis. Despite this, the market capitalization of these assets did not alter significantly. The total market capitalization of the crypto-verse, however, remained at a high of $2.12 trillion.
Solana [SOL] has finally ended its winning streak. The asset gained a lot of value and went up the market cap and price ladder. The bears decided to barge in just as the cryptocurrency was making its way onto the moon. SOL has plummeted in value and is now trading at $139 at the time of writing. The altcoin was down roughly 11% on a daily basis.
Solana [SOL] recently surpassed XRP to become the sixth-largest cryptocurrency. This was quickly reversed, as SOL’s market worth remained stagnant at $41 billion, while XRP’s soared to $49 billion.
Binance’s one-hour price chart for Solana [SOL]
In the short-term price chart of SOL, the bears were gaining ground. The presence of the bear was signaled by the formation of dotted lines above the candlesticks by the parabolic SAR indicator. Since yesterday, the dotted lines had been placed over the candlesticks, and the tendency had continued. A bearish crossing was formed when the MACD Line remained below the signal line. SOL could fall below $140 as a result of this.
The Relative Strength Index [RSI] indicator has fallen into the oversold territory. The RSI indicator dropped below the 50 medians, especially at the 30 median.
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