CandleFocus Solana price is falling, but shorting it is risky, crypto analyst says
2024-11-13
Author: Content Editor
The price of Solana (SOL) has dropped 7.8% from its recent high, following a similar trend to other major cryptocurrencies like Bitcoin and Ethereum. Despite the sell-off, an analyst advises against shorting SOL at current prices due to the coin breaking out of an eight-month trading range. Solana has solid fundamentals and has become a significant player in the crypto industry, particularly in the meme coin space. It has overtaken Tron to become the second-largest chain in decentralized finance and has seen a significant increase in total value locked. Solana has also dominated DEX volume, with its volume rising by 91% in the last seven days. Technical analysis suggests Solana may form a break and retest pattern, potentially leading to a rebound and retest of $250 in the near term.
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