In the past 24 hours, Solana (SOL) has seen its price drop by 3.78%, landing at $173. This drop makes SOL one of the weaker performers in a crypto market that overall went down by 5.43% during the same time. Compared to Bitcoin (BTC), SOL’s value decreased by 1.70%, showing a weaker performance against the leading cryptocurrency.
Despite the current downward trend, Solana’s recent growth over the last month tells a more hopeful story, with a gain of 18.56%. The positive trend continues over the last quarter, with an impressive increase of 80.04%. Looking at the past year, SOL’s value rocketed by 753.31%, a huge jump from its previous price of $20.57.
The fact that the current price is below the 50-day Simple Moving Average (SMA 50) suggests there might be more downturns ahead. A longer-term view using the 200-day SMA (SMA 200) also suggests that Solana may be in a generally bearish phase.
There’s hope on the horizon for Solana, as fixes are expected soon. The Solana community and investors are looking forward to April 15, the date set for fixing recent transactional issues. These problems have affected the network’s efficiency, especially during high activity times often driven by meme coin transactions. The CEO of Helius Labs has pointed out these issues are due to an ‘implementation bug’, not a ‘design flaw’. This upcoming fix is seen as crucial for boosting investor confidence and could help improve Solana’s market performance.
SOL is currently struggling to stay above the $175.0 mark. A closer look at the SOL/USD 4-hour chart shows a market unsure of its direction, with Solana priced at $173, down by 5.43% recently. The price is wavering below the 20-period SMA of $182.72, which is an immediate obstacle. Breaking past this could lead to a move towards the upper Bollinger Band at $191.21, indicating a potential rise.
The Stochastic RSI, sitting at 27.66, hints at a possible price increase as it edges towards the oversold area. Meanwhile, the MACD remains below the signal line, suggesting the bearish trend might not be over yet. A move above the signal line by the MACD could signal a shift towards a more bullish sentiment.
Market watchers are paying close attention to support and resistance levels, with SOL facing immediate resistance at the 20-period SMA of $182.72 and finding support near the lower Bollinger Band at $168. These indicators will help determine Solana’s next significant market move in a situation marked by mixed signals.