Solana risks falling to $ 20

Over the past 48 hours, the SOL $216.04 Solana 0.01% Market capitalization $101.97 billion VOL. 24 hours $0.9 billion rate has fallen by 5%, and the price of the cryptocurrency has dropped to $ 103. All this is happening amid a market-wide correction. Today’s 0.4% drop continues a generally unimpressive week for the top 10 altcoins. Nevertheless, SOL continues to grow — by 18% for the month and 300% for the year.

As the market could still become more bullish as the April Bitcoin halving BTC $90,629.06 Bitcoin -0.16% Market capitalization $1.79 trillion VOL. 24 hours $2.03 billion approaches, SOL has every chance of further growth in the near future.

SOL’s chart shows that the coin will probably have to go through a short-term correction before it can rise again. The coin’s indicators have fallen sharply so far, and the Relative Strength Index (purple on the chart — ed.), which is a measure of momentum, dropped below 50 a few hours ago. This is a sign of growing pressure from sellers, and the 30-day average SOL index (yellow on the chart) also shows a similar pattern.

SOL holders are worried that the current price of the coin is rapidly falling to the support level(marked in green on the chart above — ed.). Therefore, it will be useful to observe whether the price of Solana can resist falling below $ 100, which is a key psychological support.

If it falls below this level, it could prompt more holders to take profits (or cut losses) and sell their coins. In such a scenario, SOL will have to suffer more losses, and there is a possibility that the token price will fall as low as $ 20.