Solana Holders Pivot to New ICO as SOL Price Falls Below $150
In the last seven days, Solana’s native $SOL token has fallen 8.8%, placing it below the psychologically important $150 threshold since the start of the week, which the token has subsequently struggled to regain.
In the last 24 hours, $SOL’s price has retreated by about 1%, which makes for a poorer overall performance than Bitcoin ($BTC) and Ethereum ($ETH), the two market-leading layer 1 cryptocurrencies that Solana is trying to flip.
The $1.17 trillion market cap world’s favourite, Bitcoin, shed 0.4% overnight, but is about 1% more valuable than it was this time last week. It currently trades at $59,472.
Meanwhile, Ethereum, the biggest blockchain for Web3 commerce (and Solana’s main rival in that respect), remains virtually unchanged from its price yesterday at $2,668, however it added 6.4% in the last seven days, making it the best performing asset this week among the big 3 layer 1 coins.
At its current price of $146, Solana is now closer to its six-month support level of $120 than it is to its six-month high of $193, indicated by the respective green and red lines.
Last Monday’s market crash bottomed the token at $110, but it recovered quickly after. Since the beginning of the Week, Solana has been trading sideways.
However, there are two positive indicators that it could imminently recapture $150. The first is a rising relative strength index (RSI) of 58, indicating more buying momentum than selling. The second is the fact that it’s currently trading above its 30-day moving average, in spite of this week’s headwinds.
As a market-leading layer 1, Solana is too well-established a token to post some of the blistering price rises that characterised crypto’s halcyon days.
Investors who want to recapture the gold rush are
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