Solana price has remained on a downtrend even as other cryptocurrencies continue rallying. Usually, Bitcoin price movements set a precedent for altcoins. Since Monday, the leading cryptocurrency has been rallying. It has risen from $43,450.80 to the current price of 48,321.44.
Based on the correlation that exists between Bitcoin an altcoins, cryptocurrencies such as Ethereum, Ripple, and Litecoin have exhibited a similar trend. According to CoinMarketCap, Solana’s trading volume has declined by 49.79% in the past 24 hours. Besides, its value has dropped by 3.91% to $47.08 billion.
SOL has been on a decline over the past week after reaching its all-time high at 216.22. During that timeframe, it has dropped by 26%. Since Monday, the altcoin has fallen by 9.96%.
At the time of writing, Solana price was up by 0.01% at 158.96. On a two-hour chart, it is trading below the 25 and 50-day exponential moving averages, which is a bearish sign. Besides, the formation of the week-long descending channel points to further losses.
In the near term, the altcoin will likely fin resistance along the 25-day EMA at 160.11. It may rise to 164.09, which is long the 50-day EMA before pulling back. From this perspective, Solana price will remain within a tight range with 150 as the channel’s lower border. A move below that level will place the support level at 134.93.