Solana Price continued its strong pace, reaching its lowest level since October 11.
Solana (Sol), one of the top blue-chip cryptocurrency, fell to $ 138, 53% below its highest level this year.
Ocilators indicate that Salana has gone to its highest oversold level since June 2023. The relative power index has fallen to 24, much less than the greedy area of 73. RSI is a widely used indicator that measures the rate of change of an asset.
Other oscillator shows similar trends. Stochastic oscillator, which compared the closing value of an asset over time, has gone to the oversold level of 10. In addition, the Commodity Channel Index continued its performance this week.
A oversold period occurs when a property falls significantly and can be caused by a reversal. However, in some cases, a property may also fall when it lives in oversold zone.
Solan’s position is more complex with the formation of a death cross pattern, as 200-day and 50-day moving average flip. This pattern often gives further negative indication, which in this case can bring SOL to a psychological support level of $ 100.
Top Solana News is running its price action
There are many important Solana news that is affecting its price action. First, on-chain data suggests that Binance is selling its sol holdings through Wintermute. An over-the-counter trading firm, Wintermute, has withdrawn a $ 38 million price from the exchange.
Second, Solana is scheduled to unlock 11.5 million tokens of approximately $ 2 billion as part of FTX distribution., The token hurts a cryptocurrency by increasing supply to unlock and diluting existing holders. Solana unlocks a token of over $ 5 million each day.
Third, Solana Meme coin ecosystem has fallen, its market cap fell from $ 25 billion to $ 8.8 billion last month. All major names such as Dogwifhat (WIF), Fartcoin (Fartcoin), and Popcat (Popcat) have the value of all billions.
Additionally, Solana’s network activity has declined, in which the number of active addresses is falling. Weekly active users have fallen to 81.6 million below the last year’s high 135 million. The amount of dex tokens handled by its protocol has exceeded 30% in the last seven days.
