Why Solana (SOL) Price Is Down Today?
Solana price experienced a strong bearish reversal yesterday after reaching a new ATH of $294.33. Prices reportedly pulled back after experiencing network congestion.
It is speculated that the main reason for the recent Solana network congestion is a sudden surge in transactions, spam bots, block producers, and delays that cause invalid transaction block hashes.
Curious about the short-term prospects of this altcoin? In this article, we reveal market sentiment, price analysis, and possible price targets for the Solana (SOL) crypto token.
SOL price shows a strong bearish reversal!
Solana price fell by 5.68% in 24 hours with a trading volume of $27.775 billion. This caused the SOL token to retest its $250 support level. However, the stock has surged 40.42% in the past seven days, highlighting the long-term bullish sentiment.
Furthermore, with a monthly return of +39.03% and a market capitalization of $125.034 billion, the altcoin firmly ranks fifth in the global cryptocurrency market.
Solana Cryptocurrency Technology Perspective
The Moving Average Convergence Divergence (MACD) shows that the green histogram continues to rise, with its average recording an upward trajectory. This suggests prices may continue to rise this week.
On the other hand, the technical indicator SMA is supporting the Solana price chart on the 1D time frame. This highlights the price action of the market’s fifth-largest cryptocurrency.
Will SOL prices recover?
Solana coin price may retest its price if bulls regain momentum $270 mark. Sustaining price above this level could set the stage for the altcoin to move towards its target price $300 this month.
Conversely, if the bears outperform the bulls, the SOL cryptocurrency price may retest its support trendline $210. Additionally, if the bulls fail to keep Solana’s price above this level, it could lead to a drop to the bottom $200.
Do you want to know the long-term price outlook for SOL tokens? Read CoinPedia’s Solana Price Prediction Until 2050, possible mysteries are revealed!
FAQ
The reason for Solana’s price collapse is speculated to be Solana network congestion.
Altcoins could end the year reaching potential highs amid heightened volatility $400.
With potential surge, SOL coin price could reach $1000 By 2029.
At the time of writing, one SOL token is worth $251.30.
