Solana Price Traverses Downwards While Bulls Drive Crypto Market

Solana has factored in a 3.23% price drop over the last 24 hours, while Bitcoin surged to a new ATH.

The altcoin’s daily trading volume surged by 42.30% as per CMC data.

The global market has been on a daily upward scaling period this week. In the last 24 hours, Bitcoin has hit yet another all-time high propelling other cryptocurrencies along the ride. Its current ATH is $107,780 as per data aggregators’ reports. Meanwhile, the FTX exchange has recently announced dates for its replacement plans. 

Meanwhile, despite other surging altcoins, Solana price has witnessed a brief dip over the past day. It factored in a 3.23% price decrease and fell to the $214 level. It also briefly hit a support of $212 before bouncing back to current levels. At the beginning of the day, it was trading at $221.56, after which it decided to rebel against the bull market. 

Zooming out to its weekly chart, Solana price shows a modest descent of 0.76%. This indicates the briefness of the bearish takeover further inspiring speculations for a change of pace. SOL, at last week’s beginning, was trading at similar levels having hit a snag with the overall market crash. 

However, following that, SOL staged bullish trends to reclaim its previous trading levels. It tested a weekly high of $234 but failed to increase prices. At the time of writing, SOL was trading at $215.26 as per CMC data. 

Will Solana Price Recover Soon? 

Analyzing Solana’s price actions in the past few days, shows a Horizontal channel pattern. This pattern is known to refer to a price consolidation when both bullish and bearish candles are at the same level. This channel might be followed by both a price breakout or descent. 

Inferring its technical indicators, the Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. This suggests the negative trend that is currently found in Solana price actions. 

However, its long-term bull power indicator value is 5.06 as per TradingView data. Its bear power indicator value standing at -4.13 suggests that the altcoin still holds a window of opportunity to stage a bull run.

Meanwhile, other altcoins such as XRP and BNB have experienced upward movements in the past 24 hours. 

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