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- Solana has factored in a modest price drop of 4.44% in the last 24 hours.
- The altcoin’s daily trading volume has surged by 21.73% as per CMC data.
The cryptocurrency market has entered a prolonged consolidation phase over the past week. With experts and analysts confirming a bear market entry, hopes are diminishing for investors. The largest cryptocurrency, Bitcoin has receded to trading at the border of $82,000-$83,000. This price drop can be seen reflected in the altsector as well.
Notably, one of the leading altcoins, Solana has factored in an additional price drop of 4.44% in the last 24 hours. In the evening hours of March 17, the altcoin was trading at a high of $129.45. However, as the day progressed more bearish candles began to spark.
Solana had recently shown a price recovery that caused it to retrace to a high of $136 .48. However, the past few weeks’ actions has once again brought it closer to the $120 support level. At the time of writing, SOL was trading at $123.55 as per CMC data.
Zooming out, onto its weekly chart, Solana records a modest price drop of 0.96%. This results from its recent recovery towards the middle of last week before bears took over. The altcoin was trading at a low of $118.86 seven days ago.
Will Solana Bulls Resurface?
On analyzing its recent price movements, Solana has traced a descending channel pattern. The pattern is a stark indication of bearish trends in the altcoin and suggests further price dips in the coming days. From this inference, it can be elicited that the bulls may not resurface anytime soon.
Additionally, the altcoin’s Moving Average Convergence Divergence (MACD) MACD line stands below the signal line further confirming bearish takeover. However, its Chaikin Money Flow (CMF) indicator value stands at 0.07 as per TradingView data. This indicates increased capital flow into the digital asset.
If investors show increased interest in the altcoin, it can be expected to show a change in price direction. This is, however, not confirmed by other indicators of the altcoin. Meanwhile, other cryptocurrencies such as Tron and Pancake Swap have shown bullish momentum in the past day.
