Solana Price Prediction as SOL Drops 12% in 24 Hours – What’s Going On?

cryptonews.com:

SOL has fallen by 12% today, with the Solana price dropping to $177 as the wider crypto market loses 8% in the past 24 hours.

Despite this loss, SOL’s recent good fortunes mean that it’s still up by 17.5% in the past week and by 59% in the past month, with the altcoin also sitting on a 720% gain in the past year.

Such increases provide it with enough medium-term momentum to recover from its current dip, which provides a good opportunity to buy it at a discount.

It still remains 32% down from its all-time high of $259.96, meaning that it could still make some serious gains as the market continues to heat up over the next few months.

SOL’s chart suggests that the coin is ready to bounce back after the market’s round of profit-taking over the weekend.

In particular, Solana’s RSI (purple) has begun rising towards 40 today after falling below 30 over the weekend, a sign that the market had oversold it relative to recent movements.

Given how sharply the Solana price fell over the past few days, it’s entirely arguable that it will rebound quite aggressively in the coming days or weeks.

One interesting feature of SOL’s chart is that its price has already bounced off the 200-day average (blue), a possible sign that it has already bottomed out.

It’s also arguable that SOL’s healthy volume – at $12 billion – will prevent its price from falling too far, with the coin not struggling to find buyers for all the investors who have been looking to take profits over the past few days.