- The Solana price continued to drop during the current session, with the price marginally down.
- SOL had crashed on Monday, as the price dropped by over 10%.
The Solana price continued to drop after a marginal recovery over the weekend, with SOL marginally down during the ongoing session. SOL was quite positive over the weekend, as it pushed up by 2.68% on Saturday and then registered a marginal increase of 0.52% on Sunday to end the weekend at $172.98. However, Monday saw the price back in the red again, as SOL fell by over 10% to settle at $155.24.
Solana Price Chart Indicates SOL Could Drop To $150
The Solana price started the previous week on a bearish note, as the price fell by 1.39% on Monday, dropping to $193.97. SOL continued to drop on Tuesday, falling by almost 2% and settling at $190.39. The price did recover on Wednesday, rising by 2.34% and settling at $194.85, but then fell back drastically on Thursday, registering a drop of almost 7% and dropping to $181.27.
Image: SOL/USD daily
After dropping by nearly 7% on Thursday, the Solana price continued to drop on Friday, registering a drop of 7.54% and falling to $167.60. Despite the prevailing bearish sentiment, SOL registered a marginal recovery over the weekend, as the price pushed up by 2.68% on Saturday and then by 0.52% on Sunday to end the weekend at $172.98. However, Monday saw SOL back in the red as the price crashed by over 10%, dropping to $155.24. The current session sees SOL at $153, as sellers look to drive the price down to $150.
We can see that the Parabolic SAR is bearish, indicating that we could see the price drop further.
Image: SOL/USD 4-hour
Looking at the 4-hour Solana price chart, we can see that SOL had pushed up to $203.42 on the 7th. The price dropped significantly after reaching this level, slipping below the 20-bar SMA and dropping to $186.52 on the 8th. After briefly pushing back above the 20-bar SMA, SOL fell drastically, slipping back below the 20-bar SMA and settling at $167.80 on the 11th. SOL could stay at this level for the next few sessions before rising to $174.54 on the 12th. However, with the 20-bar SMA acting as resistance at this level, the price dropped back to its current level of $153.
We can see that the Parabolic SAR and MACD are both bearish, indicating that we could see the price drop further.
Solana Co-founder: NFTs Will Eradicate “External Poison Marketplaces”
Solana is launching a $5 million fund to onboard creators and fans into its ecosystem. The network’s dedication towards this segment of the crypto industry can be linked to the bullish outlook its team has for NFTs.
In a recent interview with Business Insider, Solana co-founder Anatoly Yakovenko remarked that NFTs are the early prototypes of how social media networks will look in the future.
NFTs are unique digital assets that represent ownership. Since most NFTs are either a part of a collection or come as part of a play-to-earn gaming platform, they link up users globally and forge a sense of community. Expanding on this further, Yakovenko noted;
“I think these are the early starts of true web social networks that do not rely on ads for monetization, that don’t rely on Google or Facebook to function.”
NFTs on Solana are undoubtedly contributing towards expanding this vision even further. The blockchain-based music streaming platform Audius recently released new functionality that allows artists and fans to embed Solana NFTs on various blogs and social media platforms.
A 14-year old recently even used the platform to create NFTs that would raise money for Beluga whale conservation. However, even with their exciting use cases and community-centric approach, NFTs have received their share of criticism.
Solana Price Is Expected To Reach These Levels
Looking at the Solana price chart, we can see that SOL has started the current week on an extremely bearish note. If the current sentiment persists, we could see SOL drop to $150 during the ongoing session.