Solana Price Sets a New Low Following Another Network Outage

  • SOL has dropped to $38.59 in the last 24 hours.
  • The 4-hour chart shows how the price of SOL dropped to a new low.
  • Technical analysis suggests a short-term bearish outlook on SOL following the network outage yesterday.

Solana (SOL) is currently in the ninth position on CoinMarketCap’s list in terms of market cap. This places SOL right behind Binance USD (BUSD) in the eighth position and ahead of Dogecoin (DOGE) in the 10th position. SOL’s market cap currently stands at $13,257,837,269.

SOL has a 24-hour trading volume of $1,542,287,512, which is a 10.95% increase from yesterday’s numbers.

The price of SOL has dropped to $38.59 in the last 24 hours, which is an approximate 13.53% fall in price, according to CoinMarketCap.

SOL’s price is also down by double digits over the last seven days, experiencing a dip of around 17.79%. The 24-hour chart has added to the weekly losses posted by SOL over the last seven days.

In terms of SOL’s performance against Ethereum (ETH) and Bitcoin (BTC), Solana has weakened against both BTC and ETH. At the time of writing, 1 SOL token is worth 0.001301 BTC or 0.02136 ETH. This is a 7.99% decrease against BTC and a 7.65% decrease against ETH.

SOL nosedives on the 4-hour chart (Source:TradingView)

The 4-hour chart shows how the price of SOL dropped to a new low. This is not only a result of the crypto market falling in the last 48 hours. The drop can also be attributed to the global halt in operations in Solana’s network yesterday. It’s evident that both of these events had a negative impact on investor outlook.

The 8 EMA line is still acting as a major resistance for SOL on the 4-hour chart and signaled a bearish flag at the start of the month as it crossed below the 20 EMA. Around this time the RSI also crossed below the RSI SMA line.

Now that the price of SOL has reached a new bottom, investors may pounce on the opportunity as the network has also resumed processing blocks.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.