Solana Price Analysis 10/06: SOL Price Sink 23% Following Robinhood Delisting – Investor Bites

SNEAK PEEK

• Solana is trading at $14.51 a drop of 23.18% today. 
• Bearish sentiment is affecting Solana’s market performance.
• The immediate support for SOL is seen at the $13.38 level.

The most recent Solana price analysis shows the cryptocurrency’s price sinking by over 20% today following Robinhood’s announcement of delisting SOL from its platform. This has resulted in a bearish sentiment engulfing the entire market and currently, Solana is trading at $14.51. The bears have been ruling over the market and SOL has been pushed down to seek support at the level of $13.38.

The news about Robinhood’s delisting has weighed down heavily on SOL and its market performance in the last 24 hours. This is a major blow for SOL holders trading on this platform as they will need to get rid of their holdings before 27th June.

The immediate support for Solana is seen at around the $13.38 level before it heads toward the resistance at $19.30. The current support level needs to hold up for the bulls to make a comeback if the bears are to be contained. However, the resistance level needs to be broken through for the price of SOL to recover from the recent losses.

Solana’s market capitalization has dropped from yesterday’s close to $5.78 billion over the last 24 hours. The 24-hour trading volume has seen a major increase showing increase in activity in SOL’s market as the price dropped. The trading volume stands at approximately $1.08 billion and the 24-hour price change is at +407.12%.

On the daily chart, Solana has been trading on a downward trajectory, with the MACD, RSI, and Bollinger band all remaining in the bearish zone. The Relative Strength Index has sharply dropped to the oversold region with a value of 24.83 suggesting that a possible price recovery could be in the slats if the bears take a pause.

The Moving Average Convergence Divergence (MACD) has printed a negative value, with both the MACD line and signal line trending below zero. The histogram has turned negative indicating a bearish momentum in the market. The Bollinger Bands are contracting, with the lower band sharply trending below the price, with the red candlesticks forming below it.

With the bearish sentiment prevailing in the market, it remains to be seen how long SOL will remain stuck at the current level before making a comeback. The immediate support needs to hold up and the resistance needs to be broken through if Solana is to make any progress in its market performance.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions