Solana price has been volatile over the last week, with no significant change in the last 24 hours. In the last week, SOL fell by 6%. At the moment, the Solana price is neither swaying towards the bullish zone nor the bearish territory.
The technical outlook for the altcoin has flashed mixed signals. Broader market weakness could be attributed to the altcoin’s mundane price action.
Bitcoin slipped below the $20,000 mark and many other prominent altcoins also travelled south.
Buying strength on Solana’s daily chart remains in the negative with chances of it dropping on its chart further. The bulls are also trying hard to defend the $29 price mark.
A fall below the aforementioned level could push SOL into a bearish pit.
Solana prices had recently formed a rounding bottom, making buyers enthusiastic about its next price movement. However, the coin could not hold onto the bullish anticipation. The global cryptocurrency market cap today is $1 trillion, with a 0.1% negative change in the last 24 hours.