Solana price has displayed a completely bearish price thesis on the one-day chart. In that same timeframe, the coin declined by close to 9%. The depreciation in value might continue as the technical outlook points in the same direction.
With the recent Solana Protocol Raydium hack of over $2 million, the price of the coin has been affected further. Over the past week, the coin has shed nearly 10% of its value. As SOL fell from its long-standing support line of $13, the coin has been on a freefall. Demand for the altcoin has remained substantially low, with investor interest fading away.
Investors have to be cautious as SOL continues to depict increased volatility over the past few weeks. For the bulls to return to the market, there are two important price levels that Solana has to breach. Trading volume in SOL declined, which is noted in the case of bearish price action.
As volatility remains high, a further push from the sellers will push SOL below its immediate support line. The mark
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