The crypto-verse is so full of twists and turns. Today, it was the bears’ turn to shine and Solana [SOL] was the victim of this bear take over. With the whole market tainted in red, several cryptocurrencies were seen enduring mild losses.
Bitcoin [BTC] was still stuck below $50K as its efforts to move beyond were constantly haggard by the bear. Ethereum [ETH], Cardano [ADA], and Binance Coin [BNB] were seen encountering the same fate. All these assets were experiencing a daily loss of 4-5%. Despite this, the market cap of these assets did not see any major changes. However, the overall market cap of the crypto-verse remained at a high of $2.12 trillion.
Solana [SOL] had finally bid adieu to its hot streak. The asset garnered immense gains and moved up the price as well as the market cap ladder. Just as the altcoin was making its way onto the moon, the bears decided to barge in. SOL witnessed a massive drop and was seen trading at $139, at the time of writing. The altcoin endured a daily drop of nearly 11%.
Recently, Solana [SOL] had overpowered XRP and took over its position as the sixth-largest cryptocurrency. This was, however, overturned as SOL’s market cap was stuck at $41 billion, while XRP’s raced towards $49 billion.
Solana [SOL] one-hour price chart on Binance
The bears were getting well settled in the short-term price chart of SOL. The Parabolic SAR indicator formed dotted lines above the candlesticks and announced the presence of the bear. The dotted lines were mounted over the candlesticks since yesterday and the trend had persisted. The MACD line remained below the signal line forming a bearish crossover. This could imply that SOL could slip below $140.
The Relative Strength Index [RSI] indicator dropped down the oversold zone. The RSI marker plummeted below the 50 median and was particularly at 30 median.