Solana Community Braces For Losses as SOL Drops More Than $10. Time To Buy?

cryptonews.com:

Solana has dived by 7.5% in the past 24 hours, sliding to $145.39 on a day when the cryptocurrency market weathers a 6.5% loss.

This drop means that SOL is still up by 2.5% in a week but down by 24% in the last 30 days, with the alt retaining a 615% increase in the past year.

This annual gain puts Solana in a good position to return to solid growth once the wider market regains momentum, with its network giving the coin some of the strongest fundamentals in crypto.

And given that it has now entered a severely oversold position, it could bounce back strongly quite soon.

One thing encouraging about SOL’s chart is that it has bounced off the $144 support level (green), indicating that it see no further big drops before recovering.

Its others indicators suggest that it should rebound soon, with its relative strength index (purple) dropping almost to 20 in the early hours of the morning.

This means that SOL’s price is way too low in relation to recent levels, which in turn implies that buyers will not be able to resist the temptation to buy it at a discount.

Likewise, its 30-period moving average (orange) sank below its 200-period average (blue) earlier this morning, again signalling that a turnaround isn’t too far away.

One positive detail is that Solana’s trading volume is quite high today at $4 billion, providing confirmation that there are plenty of investors who are happy to snap up the alt at a lower price.

There’s also some positive fundamental news for Solana, with Robinhood Wallet adding support for the blockchain and its tokens yesterday.

Robinhood