Crypto influencer and investors Arthur Cheong has expressed his hopefulness in the price of Solana. The founder of Definance Capital stated that he received the unlocked tokens today after participating in the OTC transaction of Solana ($SOL) through Galaxy at a price of $64.
Nevertheless, he stated that he would not sell them since he thinks that the price of SOL will increase significantly in three months.
The optimism around Solana comes at a time when the token has somewhat struggled to pick pace in the past 30 days. At the press time, the token has seen a plunge of nearly 19.2% in the last 7 days and a fall of nearly 42% in the past one month.
Why is Solana Price Trading Low?
A number of variables are causing Solana’s pricing to struggle right now. The general volatility of the cryptocurrency market, which has affected other assets, including Solana, is one of the main causes.
Furthermore, Solana’s market share and investor interest have decreased as a result of increased competition from other blockchain platforms, such as Ethereum and more recent layer-1 solutions.
Confidence in the project has been impacted by network problems and outages that have previously beset Solana, raising questions about its scalability and dependability.
Additionally, a drop in demand has been brought on by shifts in investor sentiment and regulatory uncertainties surrounding the cryptocurrency sector. All of these elements have played a part in Solana’s pricing difficulties in the present market climate.
Solana Technical Indicators: Can The Token Revive?
The present sentiment for $SOL is bearish, according to market technical indicators, and the Fear & Greed Index is at 20 (Extreme Fear).
Over the previous 30 days, Solana saw 11.20% price volatility and 11/30 (37%) green days. Additionally, there is a general bearish feeling for Solana price predictions, with eight technical analysis indicators indicating bullish signs and twenty-five indicating bearish signals.
However, if a bullish turn was to happen, Solana’s 200-day SMA is expected to rise over the course of the next month, reaching $189.25. During the same course of time, it is projected that Solana’s short-term 50-day SMA will reach $163.89.
One well-liked indicator for determining if a cryptocurrency is overbought (above 70) or oversold (below 30) is the Relative Strength Index (RSI) momentum wave. With an RSI value of 33.48 at the moment, the SOL market is in a neutral position.
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