Solana price today remains under pressure as bulls attempt to buy the dip following a 30% crash from its December highs. While BNB has also dropped, its performance has been less severe than SOL and other top altcoins. So, will SOL bounce back and overtake BNB again to reclaim the 5th spot in terms of market cap?
Solana Price Is At Risk Of A Deeper Dive
Technicals suggest that the SOL price is at a significant risk of a deeper dive in the coming days. It has just dropped below the trendline that connects the lowest swings since December 20.
The coin has also moved below $193.65, the highest level on July 29, and the 50-day moving average at $204.60. Moving below these crucial support levels is a sign that the coin is not finding enough buyers just yet.
Solana price now must remain above the support at $175.8, its lowest level on December 20. Indeed, in a recent note, Ali Martinez, a popular crypto analyst on X, warned that a drop below $180 will raise the possibility of it falling
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