Solana Price Drops 7.8% in Two Days Amidst Crypto Sell-Off

Recent days have seen a decline in Solana’s price, with a 7.8% drop from its peak earlier this week.

Solana’s Recent Price Movement

The cryptocurrency Solana (SOL) experienced a decrease to $207 on November 13, marking a decline from its recent high of $225.

This decrease is in line with the overall trend of leading cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), and Cardano (ADA) experiencing similar sell-offs.

Analyst’s Perspective on Trading SOL

Despite the recent dip in price, an analyst warns against shorting SOL at current levels due to its breakout from an eight-month trading range. This cautionary advice comes from Kingpin Crypto, a prominent analyst with a substantial following.

Solana’s Growing Significance

On a positive note, Solana continues to show strength in its fundamentals, standing out as a significant player in the crypto industry. It has become a favored blockchain for developers creating meme coins, with a total market cap of over $17.8 billion for all Solana meme coins.

Furthermore, Solana has surpassed Tron to become the second-largest chain in the decentralized finance sector, with a total value locked of $7.58 billion. The platform is gaining momentum in various DeFi protocols, such as Jito, Kamino, Jupiter, and Raydium.

Solana’s Prominence in the Market

After dominating Ethereum in DEX volume in October, Solana is repeating the trend this month with a 91% volume increase in the last seven days. This spike is driven by trending Solana meme coins like Department of Government Efficiency and Happy Coin.

Technical Analysis and Price Predictions

Looking at the daily chart, SOL price has retreated from its recent high. Despite this pullback, it remains above key moving averages, indicating a bullish sentiment. Observations suggest a potential break and retest pattern, with a crucial support level at $193. If this pattern plays out, a rebound towards $250 could be on the horizon.