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SOL Bulls Flee as Price Drops Over 5% Owing to Bearish Pressures
SOL Bulls Flee as Price Drops Over 5% Owing to Bearish Pressures
- After encountering resistance, the previous day’s bullish trend yields.
- Indicators predict that the market’s downward trend will likely continue.
- During the downturn, the SOL market finds support at $23.02.
The Solana (SOL) market has been steadily declining in the last 24 hours after encountering resistance at the intra-day high of $24.43. As a result of the bear grip, the SOL price fell to a low of $23.02 before finding support in the market. As of press time, the SOL price had dropped by 5.14% to $23.11, demonstrating the downturn.
During the downturn, market capitalization fell by 4.91% to $8,628,145,691, and 24-hour trading volume increased by 73.32% to $591,465,013. Despite a spike in 24-hour trading volume during the bear grip, SOL’s market performance indicates that investors are becoming increasingly wary of its current high valuation.
SOL/USD 24-hour price chart (source: CoinMarketCap)
The Bollinger Bands are pointing south, with the upper and lower bands at 24.99 and 22.84. This metric indicates that bearish sentiment is prevalent in the market and might remain so in the short term. These expectations are reinforced by the market’s decreasing …
The post SOL Bulls Flee as Price Drops Over 5% Owing to Bearish Pressures appeared first on Coin Edition.
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