Drained in red, the crypto market was seen captivated by the bears. Solana [SOL], Binance Coin [BNB], Dogecoin [DOGE], Ethereum [ETH], and XRP were the worst hit assets. With major losses, these coins lost all the gains gained over the last couple of weeks.
Bitcoin [BTC] joined the altcoins in the downward rollercoaster. The king coin dropped to $41K with a 5.83% daily dip. Ethereum [ETH] with a 9.23% plummet in the last 24-hours, was well below $3K, specifically at $2,791, during press time. All the other coins mirrored this emotion, except for Cardano [ADA]. ADA noted a daily drop of just 2.30% as its price stayed over $2.
With all the coins being a victim of the bear, Solana [SOL] was seen steering away from its hot streak. At the time of writing, SOL was trading for $132.16 with an 8.78% fall over the previous 24-hours. The entire week seemed quite bleak for the asset as its journey of going over $200 was disrupted by the bear.
The altcoin climbed the crypto ladder this month. Not only its price, but the market cap of the coin also witnessed a breakthrough. Sealing a spot as the seventh-largest coin, SOL overpowered several coins like Polkadot [DOT] and Dogecoin [DOGE], despite being fairly new to the market. During press time, Solana’s market cap was at $39 billion.
Solana [SOL] one-hour price chart on Coinbase
The one-hour price chart of SOL witnessed the take over of the bear. The Bollinger Bands indicator suggested an increase in volatility at this time. The possible surge in volatility was identified by the disparity between the bands. Such a notion during this time wasn’t feasible as the SOL market was crowded with bears. The Chaikin Money Flow [CMF] indicator affirmed the presence of the bear as the CMF marker was below the zero median in the bearish arena.
The Relative Strength Index indicator revealed a sellers’ notion in the SOL market.