Solana [SOL] Switches Direction as Bear Market Dawns On New Week

The cryptocurrency market’s fluctuations on the charts resulted in a massive pushback in terms of market cap. Over the past few weeks, virtual assets have witnessed bull runs that elevated several low-lying coins into the top echelons of the chart. Solana, which had a tremendous September start, saw its price and market cap diminish by double digits.

At press time, Solana was trading for $158.2 with a total market cap of $46.72 billion. The ongoing 12 percent price drop contributed to the daily trading volume’s fall. On Monday, $4.6 billion worth of Solana was traded across all cryptocurrency exchanges. Solana’s next competitor Polkadot was some ways away from holding a market cap of $33.812 billion.

Solana 1 hour:

Solana’s hourly drop was evident on the graph as the latest green candles conducted their rescue efforts. Holders of the cryptocurrency looked for bullish signs which were eventually answered by three consecutive green candles.

Relative Strength Index: SOL’s RSI climbed back into the oversold zone with the graph tending upwards. As more users hold onto their assets, the RSI is expected to rise to earlier highs.

Parabolic SAR: The markers moved below the candles after the bull’s entry into the Solana market. Hourly gains need to be noted routinely to check if the momentum persists.

Bollinger bands: The upper Bollinger band and the lower Bollinger band moved towards one another after a large cloud expansion. As the candles stayed inside the bubble, it was safe to assume Solana’s price would be held up in the short term.

Solana 1 day:

The latest crash seems to have wiped all of Solana’s September gains in one fell swoop. This change in the pattern comes after almost a month of meteoric gains by the seventh-placed cryptocurrency.

Parabolic SAR: The markers shifted to the top of the candles as a definite bear market took over. This was further evidenced by the creation of 5 consecutive red candles.

Bollinger bands: Solana saw the creation of the largest Bollinger cloud in its history during its all-time high formation. The new price action forced the lower band to move upwards to close the mouth of the cloud.

Relative Strength Index: After peaking over the overbought line, Solana was brought back sharply into the trading zone. This was the first clear indication of more users selling their SOL tokens rather than buying more.