Solana (SOL), a popular cryptocurrency that was once regarded as a potential “Ethereum-killer,” experienced a sharp drop in price over the last 24 hours, along with many other digital assets in the market. At the start of today’s trading session, SOL’s trading activity remained flat. On its 4-hour chart, SOL’s price is currently trading in a tight consolidation channel between $22.50 and $22.98. It is expected to continue consolidating in this range for the next 24 hours before receiving a significant price pump in the next 48 hours.
If SOL’s price manages to close a 4-hour cycle above $22.98 within the next 24 hours, the next upside target for the altcoin will be around $23.97. However, SOL’s price must overcome the 9 EMA line on its 4-hour chart, which is currently acting as resistance, before traders and investors can confidently go long on the altcoin. On the other hand, if SOL’s price closes below $22.50 within the next 24 hours, the bullish thesis will be invalidated. In such a scenario, the altcoin’s price will only have the minor support level at $22.19 left before dropping down to the latest bear market prices at sub $21.27.
At the time of writing, SOL’s price is trading around $22.67, according to CoinMarketCap. This comes after a 24-hour loss of just over 7%, which has also flipped the altcoin’s weekly price performance into the red, taking SOL’s weekly price performance down to -6.29%. In the last 24 hours, SOL was outperformed by Bitcoin (BTC) and Ethereum (ETH), the two crypto market leaders, by 3.26% and 1.19%, respectively. As a result, 1 SOL is worth approximately 0.0007844 BTC and 0.01161 ETH.
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