Solana is in a dire state

While the blockchain’s NFT ecosystem boomed last week, the same was not true for SOL, as its value dropped. According to CoinMarketCap, SOL was down by more than 6% in the last seven days.

In the last 24 hours alone, the token’s price plummeted by over 4%. At the time of writing, SOL was trading at $88.71 with a market capitalization of over $38 billion, making it the fifth-largest crypto.

AMBCrypto then checked SOL’s daily chart to understand whether it could make a recovery in the days to come. Its MACD displayed a clear bearish upper-hand in the market.

Solana’s Relative Strength Index (RSI) also started to go down and was headed further below the neutral mark at press time. This indicated that the possibility of a further downtrend was high.

Source: TradingView

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Apart from the market indicators, investors’ sentiment around SOL also remained bearish. This was evident from the drop in its Weighted Sentiment over the last week.

The price downtrend also took a toll on SOL’s popularity, as its Social Volume dropped. Therefore, the possibility of SOL recovering in the coming days looks slim.

Source: Santiment

Dipayan Mitra

Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space. He is a singer and a guitarist who also enjoys going on long bike rides.