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Following a bearish run, Solana prices drop by 5%

Following a bearish run, Solana prices drop by 5%

According to Solana’s pricing analysis, the market has upside potential. As bears congregate to lower the price, the market’s direction may turn for the worse for Solana, as bears congregate to lower the price. 

Therefore, bears will do whatever it takes to preserve their dominance. SOL’s price has been rising over the past few hours as well. Earlier yesterday, Solana was at $40, and then it rose to $41.6 today. 

The next day, Solana’s price dropped to $40.3. The price of Solana is $40.9, down 5.16% in 24 hours on $1,279,712,164 in trading volume with a $14,266,162,874 market cap. Currently, SOL is ranked ninth among cryptocurrencies.

Consequently, SOL is most vulnerable to resistance at $45.9, the upper limit of the Bollinger band. SOL’s support level is $40, which acts as the bottom limit of Bollinger’s band. There is a downward trend in SOL/USD price, indicating that the market is headed that way. 

The Downward Trend in Solana is unending

The downward trend of the Solana price is more likely to continue today, given that the market is experiencing more volatility.

With an RSI score of 36, Solana appears to have entered the depreciation zone. Further, the RSI score rises as the market approaches stability, suggesting a greater volume of purchases than sales.

In the case of SOL/USD, it appears that the price has passed beneath the Moving Average curve, indicating a downward trend. There is, however, a forming support and resistance zone, which signals more volatility and a high probability of a positive trend. As the attributes improve, the price rises.

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