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Solana Reverses After Bullish Gains

Cryptocurrency Solana (OL) is down 4.5% today after a stellar showing all week long.

The pullback was small compared to how well Solana has been doing, so it could continue to be bullish for a while longer, but right now, the price has dropped to $95.39. We said yesterday that if it drops below $100, that could impact the longevity of this bull run. If SOL manages to come back quickly and pass the $100 level again, there is no telling how high it will go.

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Some analysts have it pegged at $140 for later this year. For that to happen, investors will have to overlook this dip and treat it as a small step back. A drop of this magnitude, however, does not look good in light of the 17% gain it made for the week. Those gains are down to 10% over the last seven days now.

How Is Solana Going to Fare?

The problem Solana is facing now is a public perception one. Casual investors may be cautious about buying SOL coins now, unless they think the coin will reverse once more and continue to be bullish over the next couple days.

The SOL trading volume is still high, up 11.38% over the last 24 hours, proving there is still a lot of investor confidence in the instrument. The overall crypto market is reasonably healthy, certainly doing better than it was at the end of last year. Many cryptos are up compared to their numbers in late December.

Solana was doing well for a while, having surged upward on January 23rd along with many other major cryptocurrencies. It is only since this morning that it started to turn and keep that momentum going but in the wrong direction. It is now down 16% for the month, and it is negative numbers like that which will be focused on following the turnaround. That can hurt consumer sentiments on the coin even though by all other indicators it should be doing well.

 

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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