Solana trades at $233, reflecting a loss of 8.91% over the past 24 hours.
SOL has witnessed a 24-hour liquidation of $24.68 million. As the cryptocurrency market anticipates the upcoming altcoin season, several assets have shown price breakouts. At press time, the trading charts show mixed trends, as Bitcoin (BTC) and Ethereum (ETH) are trading on the downside at $93.4K and $3.3K, respectively. Turning to altcoins, Solana (SOL) hit a new all-time high (ATH) of $263.83 on November 23, by breaking multiple resistance levels. Analysts speculate a potential breakout following this surge toward $300. Notably, over the past 24 hours, Solana recorded a loss of over 8.91%, trading at $233. The asset has visited its intra-day low of $231.61. However, following this, the altcoin chose to trade on the downside.
SOL price chart (Source: CoinGecko)
Concurrently, Solana has witnessed a 24-hour liquidation of $24.68 million, as per Coinglass data. The daily trading volume of the altcoin has reached $7.16 billion. The weekly price chart of SOL has recorded a moderate loss of 4.16%. The altcoin began trading at $244.75. SOL price fluctuates between the $250 and $230 mark. On the other side, Solana has surpassed $100 billion in its decentralized exchange (DEX) volume, recording $109.8 billion in DEX trading volume. The surge comes with the gains of meme coins like PNUT, BONK, and GOAT.
Downside Risks Emerge for Solana
Solana’s four-hour price chart reports the downside correction. The price movements of the altcoin could retreat the price to the $227 mark. If the selling pressure intensifies, the SOL price might plummet steeper to the $200 range. On the flip side, if the bullish momentum of the altcoin is reestablished, it could rise toward $236.84. With Solana maintaining its position at the upper trendline, it could potentially reach its higher target of $250. Moreover, SOL is 11.87% away from hitting a new all-time high.
The current market sentiment of Solana rests in the oversold zone, as the daily relative strength index (RSI) is positioned at 35. In addition, the 24-hour frame of SOL displays the short-term 9-day moving average beneath the long-term 21-day moving average. Solana’s technical analysis discloses the ongoing bearish outlook by inferring the Moving Average Convergence Divergence (MACD). The MACD line is found beneath the signal line, hinting at the impending downtrend and the fading buying pressure within the market.
SOL chart (Source: TradingView)
Besides, the money flow toward the asset has decreased as the Chaikin Money Flow (CMF) indicator is laid at -0.34. It further highlights the dominance of selling pressure in the market. In the meantime, the daily trading volume of Solana has surged by over 29.86%.
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