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- Solana has factored in a modest price dip of 5.08% in the last 24 hours.
- The altcoin’s daily trading volume also shows a drop of 20.03% as per CMC data.
In the last 24 hours, the overall crypto market pendulum decided to swing towards the bearish end yet again. However, this time it tested previous support rather than consolidating. Bitcoin is currently docked at the $83K level causing distress to investors. This has also affected the altcoin sector.
Particularly, one of the leading altcoins, Solana dipped back to the $120 range following Bitcoin’s descent. It factored in a price drop of 5.08%, which though modest, has caused it to fall back to support levels.
In the Asian afternoon hours of March 28, SOL was trading at a high of $131.96. However, as bearish candles sparked, it fell to $125 and is inching closer to the $120 mark. At the time of writing, Solana was trading at $125.05 as per CMC data.
Zooming out onto its weekly chart, Solana shows a similar 4.36% descent. The altcoin had recently tested the $140 level over the past week. Its weekly high stands at $147.05, inching closer to the $150 range after it successfully broke the prolonged $130 resistance.
Will Solana Price Drop Further?
On analyzing its technical indicators, Solana’s Moving Average Convergence Divergence (MACD) MACD line stands below the signal line. Although it’s inching towards a crossover, if SOL drops further, the bearish trend will prolong.
On the other hand its RSI value is standing at 41.18 as per TradingView data. This further suggests that the investors are selling and a negative market sentiment prevails. If Solana continues its downward trend it might test the support levels of $122.98 and $120.04.
Meanwhile, other altcoins such as Cronos and SUI have shown downward movements in the last 24 hours, when referring to CMC data.
