Solana

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The&nbsp;Solana (SOL) price&nbsp;has been on a free fall for the last five intraday sessions, losing nearly 15%. Moreover, except for the buying sessions, this has been a bearish month for Solana. 
The SOL price performance highlighted a 22% asset value loss this month. Solana exchanged hands for close to $138.5 when writing, recording a nearly 1.08% loss intraday. 
Let’s determine whether&nbsp;Solana Crypto&nbsp;could break this loss and recover in the next week. 
<h2 class="wp-block-heading" id="h-social-sentiments-highlight-increasing-user-engagement">Social Sentiments Highlight Increasing User Engagement</h2> 
Despite the losing trend in the recent sessions, the analysts noted an essential development in on-chain metrics: social metrics. The social metrics include social dominance, volume, and social media platform activities. <iframe loading="lazy" title="Santiment Chart: Social Dominance (SOL), Social Volume (SOL)" width="800" height="425" src="https://embed.santiment.net/chart?ps=solana&amp;pt=SOL&amp;df=2024-07-31T18%3A30%3A00.000Z&amp;dt=2024-08-21T18%3A30%3A00.000Z&amp;emcg=1&amp;emhwm=1&amp;wm=social_dominance_total%3Bsocial_volume_total&amp;wax=0%3B1&amp;wc=%235275FF%3B%2368DBF4&amp;ws=%7B%22interval%22%3A%226h%22%7D%3B%7B%22interval%22%3A%221h%22%7D" scrolling="no"></iframe> 
As per the analysts, the social dominance and volume curve have improved in recent sessions. It indicated the rising engagement of&nbsp;Solana crypto&nbsp;on social media platforms like X (formerly known as Twitter), Telegram, etc. 
Moreover, the other social metric, the Twitter follower curve, hinted at a positive growth of nearly 2000 weekly users. The increasing users’ engagement over social media often positively impacts asset prices. 
Solana boasts a market capitalization close to $64.67 Billion, placing it at the 5th in the crypto space. The transaction volume has dropped to $2.19 Billion, losing 9% a day. Currently, the volume-to-market cap ratio at 3.42% suggests low volatility in the crypto. 
<h2 class="wp-block-heading" id="h-can-solana-price-continue-to-slide-toward-the-130-level">Can Solana Price Continue to Slide Toward the $130 Level?</h2> 
The recent selling pressure has widened the losses incurred this month again.&nbsp;<a href="https://www.thecoinrepublic.com/price-prediction/solana/">Solana</a>&nbsp;experienced a tough month induced by volatility. The&nbsp;SOL price&nbsp;started in August with a sharp decline from $180 to $110. 
After that, the bulls turned aggressive, and the price recovered to $163. Again, the bearish forces dragged the price close to the $140 level.  
<a href="https://in.tradingview.com/chart/SOLUSD/qKz4YXCU-Solana-On-5-Day-Losing-Streak-Can-Bulls-Make-A-Comeback/">&nbsp; </a> &nbsp; <a href="https://in.tradingview.com/u/Ritika_TCR/"> </a> <a href="https://in.tradingview.com/"> </a>  
From a technical standpoint, the&nbsp;Solana crypto&nbsp;price has lost the support of important key moving averages of 20 to 50 days. Additionally, it does not have the backing of the 200-day EMA, indicating weakness. 
The $140 level may act as immediate support on the lower side. If it is breached, it may allow sellers to dominate till the next support of the $130 level. 
At the time of writing, the RSI and 14-day SMA line had stepped below the mean line of 50. Moreover, a bearish crossover of both lines was witnessed, indicating a possible bearish trend continuation. 
Solana&nbsp;experienced a significant decline, losing nearly 15% over the last five sessions and 22% this month. Despite the bearish trend, social metrics show positive growth, with increased social media engagement. 
The month has been volatile for Solana, dropping from $180 to $110, then recovering to $163 before falling again. SOL has lost support from key moving averages of 20, 50, and 200-day EMAs. 
The&nbsp;Solana price&nbsp;hovered near $140, which was immediate support. It may slide toward $130 if the Bulls fail to defend. Both RSI and 14-day SMA indicated a potential bearish continuation. 
The post <a href="https://www.thecoinrepublic.com/2024/09/02/is-solana-sol-price-aiming-to-break-the-losing-streak/">Is Solana (SOL) Price Aiming to Break the Losing Streak?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Is Solana (SOL) Price Aiming to Break the Losing Streak?

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