Solana falls 4.83% in 24 hours: technical analysis and SOL outlook
Solana $SOL retreats 4.83% over the past 24 hours, trading at USD $96.19, after a strong rally that pushed the cryptocurrency to highs of $97.24. The pullback occurs amid profit-taking and selling pressure, as the market digests gains from the past two weeks.
The asset reached a session high of USD $97.24, but selling pressure led it to test support at USD $95.97, where buyers stepped in.
Solana’s 4.83% drop comes after a bullish run that lifted the asset by 13.55% over the last 7 days and 26.46% over the last 14 days. This advance is attributed to the broader crypto market’s recovery, as well as Solana-specific news, including the expansion of stablecoin supply on the network and growth in the DeFi ecosystem.
Solana remains one of the most active smart-contract platforms in the industry, with a growing ecosystem across DeFi, NFTs, and decentralized applications. Stablecoin supply on the network has increased in recent weeks, indicating greater institutional and user adoption. According to recent data, Solana’s total value locked (TVL) has shown an upward trend, although the figure is not available in this edition.
The recommendation for $SOL is to SELL in the short term, based on a technical analysis of current signals. The daily RSI suggests overbought conditions, and the MACD has shown a bearish crossover, indicating that selling pressure could continue over the next sessions. Additionally, the price is nearing an important resistance level at USD $101.07, which may limit upside potential.
Solana is seeing a healthy correction after a strong rally, and investors should monitor key support and resistance levels to make informed decisions.
Solana $SOL retreats 4.83% over the past 24 hours, trading at USD $96.19, after a strong rally that pushed the cryptocurrency to highs of $97.24. The pullback occurs amid profit-taking and selling pressure, as the market digests gains from the past two weeks.
The asset reached a session high of USD $97.24, but selling pressure led it to test support at USD $95.97, where buyers stepped in.
Solana’s 4.83% drop comes after a bullish run that lifted the asset by 13.55% over the last 7 days and 26.46% over the last 14 days. This advance is attributed to the broader crypto market’s recovery, as well as Solana-specific news, including the expansion of stablecoin supply on the network and growth in the DeFi ecosystem.
Solana remains one of the most active smart-contract platforms in the industry, with a growing ecosystem across DeFi, NFTs, and decentralized applications. Stablecoin supply on the network has increased in recent weeks, indicating greater institutional and user adoption. According to recent data, Solana’s total value locked (TVL) has shown an upward trend, although the figure is not available in this edition.
The recommendation for $SOL is to SELL in the short term, based on a technical analysis of current signals. The daily RSI suggests overbought conditions, and the MACD has shown a bearish crossover, indicating that selling pressure could continue over the next sessions. Additionally, the price is nearing an important resistance level at USD $101.07, which may limit upside potential.
Solana is seeing a healthy correction after a strong rally, and investors should monitor key support and resistance levels to make informed decisions.
