SOL’s value could slowly drop below $10

• Solana (SOL) has experienced a significant price decline of 95% from its peak.
• SOL failed to outshine Bitcoin and Ethereum in the past 24 hours.
• Technical analysis suggests caution for those considering investing in SOL.

The altcoin Solana (SOL), once a hot topic in the market, has experienced a significant price decline, dropping by approximately 50% over the past year and a staggering 95% from its peak in the previous year. According to CoinMarketCap, the recent market-wide sell-off has also affected the altcoin, resulting in a daily loss of just over 8%. As a result, SOL is currently trading at $19.88.

Despite its potential to challenge Ethereum, the so-called Ethereum-killer failed to outshine the two market giants, Bitcoin (BTC) and Ethereum (ETH), in the past 24 hours. Consequently, SOL experienced a 4.31% decline against BTC and a 5.18% weakening against the largest altcoin by market cap.

According to technical analysis, SOL’s price has recently breached the crucial support level of $20.14 and is currently trading at that level. This development suggests that the altcoin’s value may experience a further decline to approximately $19.15 within the next 48 hours.

Based on technical analysis, SOL’s price may experience further decline shortly. The daily chart indicates a bearish crossover of the RSI line below the RSI SMA line over the past two days. Additionally, the 9 EMA line has triggered a bearish flag and crossed below the 20 EMA line during today’s trading session. These indicators suggest that caution may be warranted for those considering investing in SOL.

If these bearish technical flags are confirmed, SOL’s value may plummet to its next crucial support level of $18.62. Nevertheless, traders should not entirely dismiss the likelihood of SOL’s value bouncing back within the next 24-48 hours, as it still benefits from backing a favorable trend line.

If SOL’s price experiences a decline to the previously mentioned $19.15 threshold, which aligns with the positive trend line, astute bulls may perceive this as a favorable buying opportunity. In such a scenario, SOL could rebound above the recently surpassed $20.14 price point and ascend towards the next significant resistance level at $22.39.