Solana’s [SOL] entry into the crypto market was game-changing. The asset entered the industry and managed to amass the interest of investors from across the globe. Solana walked in and overpowered an array of assets that have been in the market for quite some time now. However, the ongoing bearish notion was hard on to altcoin as it slipped below the $200 mark.
Bitcoin [BTC] investors were enduring quite the loss as the world’s largest cryptocurrency dropped to a low of $56K. The market cap of Bitcoin was hanging on a dainty string just a little above $1 trillion. This caused a slight drop in the overall market cap which slumped to $2.52 trillion.
Coming back to Solana, the asset experienced a reduction of about 3% over the last 24-hours. Therefore, the altcoin’s price, during the time of writing was $202. As the asset failed to establish a strong line of support, it dropped below the $200 zone for a while. Throughout the week, the asset encountered deterioration of about 10%.
SOL’s market cap was at $61 billion. This further allowed the altcoin a spot as the fifth-largest cryptocurrency. Solana had preceded prominent assets like Cardano [ADA], XRP as well as Polkadot [DOT] in terms of market cap and ranking.
Solana [SOL] one-hour price chart on Binance
The short-term price chart of SOL unveiled the entry of the bulls into the market. Dotted lines were developed below the price candles by the Parabolic SAR indicator. This line acted as support against abrupt downtrends. The MACD line took over the signal earlier today forming a bullish crossover. With such strong bullish sentiment, the chances of SOL formulating strong support above $200, were high.
The Relative Strength Index [RSI] indicator revealed that Solana had traversed into the buyers’ arena. The RSI marker noted that increased buying activity had just commenced in the SOL market.