Solana’s price opened today’s trading session aggressively, and in the early hours, it reached price highs of $44.76. However, the past few hours have changed the tide of today’s trend, and the prices have fallen below the opening at press time.
Looking at the long-term trend, Solana has been in an upward trend for weeks now. The bullish move is in tandem with the general cryptocurrency trend, which has continued to recover since mid-July.
The surge in price has also coincided with the expanding Solana ecosystem. Recent reports indicate more projects developed on the platform have been gaining traction with users, which is seeing the blockchain technology’s token SOL surging in price. Some of these projects include Stepn’s GMT token, which has recently topped Solana’s most traded crypto at $248.04 million. In addition, SRM token has also been making gains on the platform, with recent reports showing the value traded to be more than $100 million.
Solana Price Analysis
Despite the growth in popularity, the improving market conditions of the cryptocurrency industry, and the expanding Solana ecosystem, the past three trading sessions have been aggressively bearish. Today, the trend also looks to follow the recent downside move.
The drop comes after Solana’s price hit the upper trend line of the ascending channel and failed to break to the upside. Instead, prices started to come down aggressively, and so far, it has fallen by 10 percent in 4 days.
Therefore, based on the recent price action of the crypto, I expect prices to continue falling until it hit the lower trendline. We are highly likely to see Solana’s price falling as far as to trade below the $35 price level. A trade above this week’s price high of $47 will invalidate my bearish trend analysis.