On the daily chart, the price of SOL coin is now undergoing a significant correction and may soon reach the next support level. The price of a Solana coin is currently hovering around $159, with a loss of more than 3% in the intraday session.
The weekly technical chart of the Solana price shows that the price is currently consolidating. On the daily chart, the price of SOL is trending downward. Near $200, the SOL’s hostile zone can be spotted. Meanwhile, the coin’s support may be found near $120.
The price of the currency is currently trading above the 50 and 100 Day Moving Averages. The 50MA line, which is at $120, is acting as brief price support. The coin has formed a downward parallel channel, which has the potential to drive the price to a new low. A high momentum can be detected if the price surges 15 to 20% over the present level. In the future, the SOL/BTC pair may reach a new high.
The price of the Solana is currently trending downwards, but it may soon recover to an uptrend. In the future, the SOL/BTC combination could see a lot of momentum.
On the Brighter side!
The coin’s return on investment (ROI) is 72261 percent and increasing. It is currently down over 26% from its all-time high and could set a new high in the near future. The bearish momentum of SOL has the potential to bring the price lower. SOLANA is expected to grow rapidly in the future years.
The SOLANA token has a market share of 2.13 percent and is steadily increasing. The SOL’s CMC ranking, as well as its market capitalization, are both on the rise. The coin’s volume is also surging, and it could soon reach a new high. The SOL’s volume to market cap ratio implies a strong upward trend in the future. Solana can be invested in according to one’s needs and risk tolerance.