The efforts of the crypto-verse were demented by the bears as the market was once again painted in red. Solana [SOL] and a few others, however, recorded dainty changes in price. But, the majority of the crypto assets were drowning deep into the bear-filled water. Bitcoin [BTC] was back at $36K.
Being fairly new to the crypto-verse did not stop Solana [SOL] from outperforming other assets. SOL managed to stand below the crypto spotlight all throughout the recent rally. The altcoin rose to an all-time high of $58.30, just a couple of days ago. Yet, the asset was dragged down by the bears. During the time of writing, SOL was trading for $36.50 with a 2% drop in the last 24-hours. The coin had a good run over the last seven days as it secured gains of about 22%.
Additionally, the asset’s market cap restricted the altcoin from climbing up the crypto ladder. At press time, the market cap of SOL remained at $9.92 billion and ranked 16th.
Solana [SOL] one-hour price chart on Binance
The short-term price chart of SOL entailed the bear. The Awesome Oscillator indicator noted the clear presence of the bears as it laid out red closing bars. The MACD indicator went on to mirror this notion. The MACD line traversed below the signal line and formed a bearish crossover. The Relative Strength Index [RSI] indicator was down by the sellers’ zone. Furthermore, the RSI marker looked like it was heading towards the oversold zone.
Solana [SOL] one-day price chart on Binance
The one-day price chart of SOL followed the trail of the short-term chart. The bears were all over the SOL market. The Parabolic SAR indicator suggested that SOL would have a hard time surging as it formed a dotted line over the candlesticks. The Chaikin Money Flow indicator remained in the bearish arena. The Money Flow Index maintained a neutral sentiment as it didn’t record any major buying or selling activity.