Solana [SOL] was seen taking the bearish train similar to all the coins in the crypto-verse. Just while the coins were taking a breath of fresh air, the bears emerged once again and painted the entire market red.
While Bitcoin [BTC] slumped to a low of $33K, Ethereum [ETH] remained intact over $2K. The overall sentiment in the market seemed bleak as bears were kicking out the bulls. SOL bid farewell to the bulls and joined this bearish bandwagon.
At the time of writing, Solana [SOL] was trading for $32.68, with a slight drop of 1.65% in the last 24-hours. The altcoin managed to bag gains up to 10% over the last couple of days, i.e., during the bullish intervention. SOL pushed significant boundaries this year. The altcoin managed to rally up to a high of 58% without any vital hurdles. However, it failed to hit $60.
Furthermore, SOL did not find its way onto the top ten as it remained the 14th largest cryptocurrency while its market cap stood at $8.9 billion. The overall market cap of the crypto-verse also witnessed a slump of 3.90% which pushed the numbers to $1.38 trillion.
Solana [SOL] one-hour price chat on Binance
All the indicators used in the short-term price chart of SOL were inclining towards the bear. The Parabolic SAR indicator remained over the candlesticks restricting any potential uptick. The Chaikin Money Flow indicator echoed this sentiment as it resided in the bearish arena. The CMF marker was, however, seen trying to get past the zero median.
In addition to these indicators, the MACD indicator also announced the presence of bears. The MACD line was overhauled by the signal line, further initiating a bearish crossover.
Solana [SOL] sides with the sellers’
The Relative Strength Index [RSI] indicator revealed a strong sellers’ sentiment as the RSI marker was seen below the 50 median.
Could the ongoing bearish trend push Solana [SOL] down to $30?