Solana price has dropped by over 13% since hitting its record-high a week ago. According to CoinMarketCap, its market cap has dropped by 6.83% over the past 24 hours. During the same timeframe, the 5th largest crypto by market cap has had its trading volume fall by 41.70%.
The altcoin has been under pressure for the entire week even as greed continues to define the crypto market. The crypto fear & greed index is at a greed level of 74. Granted, the figure is a decline from the previous session’s extreme greed level of 77. However, it has remained on this side of the spectrum since the past month.
Solana price prediction
After hitting its all-time high of 260 over the past weekend, SOL has been on a week-long decline. At the time of writing, it was down by 3.14% at 226.15.
On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages; which points to further losses. At its current level, Solana price may continue finding support at 220.50. Subsequently, I expect it to trade within a tight range with 238.65, which is along the 25-day EMA, being the horizontal channel’s upper border.
Below the channel’s lower border, the bulls may have to defend the crucial support zone of 200. On the flip side, a move above the 25-day EMA will likely place the resistance level at 253.44. In the short term, the record-high of 260 may remain evasive.