Title: Solana Price Sets a New Low Following Another Network Outage

Jun 02, 2022 04:30AM ET

By: AnalysisWatch

Solana (SOL) is currently ranked ninth on CoinMarketCap's list in terms of market capitalization.

This puts SOL just behind Binance USD (BUSD) in eighth position and ahead of Dogecoin (DOGE) in tenth position. SOL's market capitalization currently stands at $13,257,837,269.

SOL's 24-hour trading volume stands at $1,542,287,512, up 10.95% from yesterday.

According to CoinMarketCap, the price of SOL has dropped to $38.59 in the last 24 hours, representing a price decrease of approximately 13.53%.

Over the past seven days, the price of SOL has also declined by double digits, down approximately 17.79%. The 24-hour chart also added to SOL's weekly losses over the past seven days.

Compared to Ethereum (ETH) and Bitcoin (BTC), SOL has lost value against both BTC and ETH. At the moment, 1 SOL token is worth 0.001301 BTC or 0.02136 ETH. This represents a decrease of 7.99% against BTC and 7.65% against ETH.

The four-hour chart shows how the price of SOL has fallen to a new low. This is not just due to the crypto market's decline over the past 48 hours.

The decline can also be attributed to yesterday's global shutdown of the Solana network. Clearly, these two events have had a negative impact on the outlook for investors.

On the 4-hour chart, the 8 EMA line remains an important resistance for SOL and signaled a bear flag at the beginning of the month when it fell below the 20 EMA line. At around the same time, the RSI indicator also crossed the RSI SMA line.

Now that the SOL price has reached a new low, investors can take advantage of the opportunity as the network has also resumed processing blocks.