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- 1 Solana (SOL) price is trading below the key moving averages, showcasing bearishness.
- 2 The price, volume, and social dominance are on the decline.
The Solana crypto (SOL) crypto price is in the bearish zone and has displayed bearish moves for the past trading sessions. Moreover, the cryptocurrency is struggling to maintain gains above the key moving averages and is heading in a downtrend. The crypto has declined over 20% this month, suggesting the bearishness in recent sessions.
At press time, Solana crypto (SOL) price was trading at $143.91 with an intraday gain of 1.23%, indicating bullishness in the trading session.
It has a monthly negative return of 20%. It has a market cap of $64.16 Billion. Analysts are bearish and suggest the SOL price will reach lower levels in upcoming trading sessions.
Decoding The Social Metrics Solana (SOL)
The displayed volume and price graph indicates that the trading volume has decreased from $14 Billion to $2.25 Billion in the last few days, causing a decline in price as well.
Over the past 30 days, the price dropped 20% along with the trading volume. However, the price is expected to recover in the short term.
According to the graph indicating social dominance and social volume, there has been a decline in social media engagement on platforms such as X, Instagram, and Telegram.
This decline has had a negative impact on the price of Solana cryptocurrency. Therefore, the future momentum of the Solana crypto price may depend on the level of social dominance and social volume.
The level of price volatility for the cryptocurrency has been decreasing consistently over the past few days, signaling a decrease in the involvement of traders in the cryptocurrency market.
However, despite this trend, the price of the cryptocurrency has started to drop from certain highs, suggesting that the trading price of the cryptocurrency is weakening.
Indicator Analysis Of Sol Crypto
The MACD and the signal line are also reversing toward the median level of the MACD indicator followed by a bullish cross. This is further followed by bullish histograms formed on the MACD indicator.
The RSI has also inclined but trading below the 50-level and is currently trading at a level of 46.19. It further has declined below the 14-Day SMA indicating further weakness in the price action.
Summary
Solana (SOL) cryptocurrency is currently in the bearish zone with the price trading below the key moving averages. The trading volume and price have declined, causing a negative impact on the price of the cryptocurrency.
Social media engagement on platforms such as X, Instagram, and Telegram has also decreased, further contributing to the decline in price. However, it is expected that the price will recover in the short term.
The MACD and the signal line are reversing towards the median level of the MACD indicator, followed by a bullish cross, but the RSI is trading below the 50-level, indicating further weakness in the price of the crypto.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
