It was a bloody Friday for all the assets in the crypto market. However, a few of them like Solana [SOL], Polkadot [DOT], and XRP were bleeding more than the other assets. Nevertheless, the bulls seemed to have exited the crypto market while the bears were getting well settled. Out of all the assets, one cryptocurrency certainly stood out as it was the only coin glistening in green. Shiba Inu [SHIB] was relieved from its bearish momentum as it exhibited a bullish notion.
The ongoing notion in the market forced Bitcoin [BTC] to sink down to $63K. The asset failed to build prominent support as it dipped from $65K.
Coming to the meme coins, Shiba Inu and Dogecoin [DOGE] had a difficult week. Both these assets were painted in red. While SHIB managed to move out of this zone, DOGE decided to dwell in the bearish arena.
Solana [SOL] was garnering all the praise following its impeccable price journey. However, now, the altcoin seemed to be taking a break. At the time of writing, Solana had dropped down to $226 with a 6.60% dip in the last 24-hours.
In terms of market cap, Solana was overpowered by the world’s largest stablecoin Tether [USDT]. During press time, SOL stood as the fifth-largest cryptocurrency with a market cap of $68.5 billion.
Solana [SOL] one-hour price chart on Binance
The short-term price chart of SOL witnessed a destructive invasion of the bear. The Awesome Oscillator indicator formed bold red bars with the closing one in red as well. The Chaikin Money Flow [CMF] indicator resided in the bearish arena. The CMF marker dived below the zero median which suggested that Solana could remain in the red arena for quite some time now.
The Relative Strength Index [RSI] indicator suggested that the sellers were taking over the SOL market. The RSI marker noted that SOL had just recovered from the oversold zone.