{"id":598456,"date":"2023-11-21T18:28:07","date_gmt":"2023-11-21T15:28:07","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/why-is-solana-sol-price-down-today\/"},"modified":"2023-11-21T18:28:07","modified_gmt":"2023-11-21T15:28:07","slug":"why-is-solana-sol-price-down-today","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/","title":{"rendered":"# Why is Solana (SOL) price down today?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a23e7617bab3\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a23e7617bab3\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/#Why_is_Solana_price_down_today\" >Why is Solana price down today?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/#SEC_labels_SOL_a_%E2%80%9Csecurity%E2%80%9D\" >SEC labels SOL a &#8220;security&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/#Overbought_correction\" >Overbought correction<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/#Over_65_million_worth_of_longs_liquidated\" >Over $6.5 million worth of longs liquidated<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/why-is-solana-sol-price-down-today\/#Is_the_Solana_bull_market_over\" >Is the Solana bull market over?<\/a><\/li><\/ul><\/nav><\/div>\n<p itemprop=\"description\" class=\"post__lead\" data-v-8081b7b6> Solana&#8217;s overbought correction has picked momentum after its mention in the SEC&#8217;s latest lawsuit against Kraken. Is the SOL bull run finally over? <\/p>\n<p><\/p>\n<div class=\"post-content\" data-v-8081b7b6>Solana (SOL) is seeing a price correction after rallying nearly 300% in recent months.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Why_is_Solana_price_down_today\"><\/span>Why is Solana price down today?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>As of Nov. 21, SOL&#8217;s price was trading for $55, down 20% when measured from its local high of $60.50 established just five days prior. The decline mirrors similar moves elsewhere in the crypto market, with top coins, Bitcoin (BTC) and Ether (ETH), also down 2.2% and 5.5% from their local highs.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/4fc556be-435f-4fb2-a308-a0ddf3f73d5a.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD versus BTC\/USD and ETH\/USD year-to-date performance. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Let&#8217;s discuss the major reasons behind Solana&#8217;s slump.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"SEC_labels_SOL_a_%E2%80%9Csecurity%E2%80%9D\"><\/span>SEC labels SOL a &#8220;security&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Solana&#8217;s price decline coincides with the U.S. Securities and Exchange Commission&#8217;s (SEC) latest lawsuit against the Kraken crypto exchange. In its filings on Nov. 20, the watchdog accused Kraken of breaking securities laws.<\/p>\n<p>While doing so, the SEC labeled a bunch of cryptocurrencies as securities, including Solana. SOL&#8217;s price has declined 10.25% since.<\/p>\n<p>Other tokens named in the SEC lawsuit fell similarly, including\u00a0ADA, whose price decreased 5.5% after the Kraken <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a>.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/09fffbc8-5e25-46e3-9fb8-83428fb3489f.png\"><figcaption style=\"text-align: center;\"><em>ADA\/USD 4H price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The SEC&#8217;s potential designation of SOL as a security may affect its availability on U.S. cryptocurrency exchanges, similar to the impact seen with XRP.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"Overbought_correction\"><\/span>Overbought correction<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>SOL&#8217;s price drop today is part of an overbought correction that began after its daily relative strength index (RSI) jumped above 70.<\/p>\n<p>In addition, Solana&#8217;s correction came after a period of growing divergence between its rising prices and falling RSI, indicating bullish exhaustion.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/c25f7bca-ef30-4089-b877-4269b1ea0530.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD daily price chart ft. bearish divergence. Source: TradingView<\/em><\/figcaption><\/figure>\n<h3><span class=\"ez-toc-section\" id=\"Over_65_million_worth_of_longs_liquidated\"><\/span>Over $6.5 million worth of longs liquidated<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Solana&#8217;s decline further coincides with $6.5 million worth of long liquidations across its derivative markets since Nov. 20. In comparison, nearly $2 million worth of shorts were liquidated.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/32efb6c6-b371-4426-9b08-2ae10aa35ff0.png\"><figcaption style=\"text-align: center;\"><em>SOL total liquidations daily chart. Source: Coinglass<\/em><\/figcaption><\/figure>\n<p>When a long position is liquidated, the trader is compelled to sell, leading to increased selling pressure.\u00a0<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Is_the_Solana_bull_market_over\"><\/span>Is the Solana bull market over?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Price chart technicals suggest that Solana&#8217;s price correction has begun near a key Fibonacci retracement level, which limits its upside bias in the coming months.<\/p>\n<p>The 0.236 Fib line is near $67.40, which has acted as resistance since summer 2022.\u00a0<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/aea30476-f312-4c44-902b-a966dea8233e.png\"><figcaption style=\"text-align: center;\"><em>SOL\/USD weekly price chart. Source: TradingView<\/em><\/figcaption><\/figure>\n<p>The combination of these bearish factors raises SOL&#8217;s potential of extending its correction in the coming days or weeks.\u00a0That begins with a decline toward $47.50, a flipped-support level, followed by an extended selloff toward $30, if the former level breaks. <\/p>\n<p>The $30-level, down 50% from current prices, coincides with Solana&#8217;s 50-week exponential moving average (50-week EMA; the red wave) and the upper trendline of its previous ascending channel pattern.<\/p>\n<p><strong><em>Related:\u00a0Crypto community responds to Kraken lawsuit, Deaton slams \u2018dishonorable\u2019 Gensler<\/em><\/strong><\/p>\n<p>Conversely, SOL&#8217;s price could rebound ahead or after testing $47.50 to its year-to-date high near $68.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/p>\n<p class=\"post-content__disclaimer\">This article is for <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a> information purposes and is not intended to be and should not be taken as legal or investment advice. 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Is the SOL bull run finally over? Solana (SOL) is seeing a price correction after rallying nearly 300% in recent months. Why is Solana price down today? As of Nov. 21, SOL&#8217;s price was trading for $55, down 20%&#8230;<\/p>\n","protected":false},"author":1,"featured_media":598457,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/cdn-cgi\/image\/format=auto,onerror=redirect,quality=90,width=1200\/https:\/\/s3.cointelegraph.com\/uploads\/2023-11\/a909ccaf-9947-4a44-a64d-c9bfd8354210.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74867,120396,74863,78168,74877,135234,75846,92498,73785],"class_list":["post-598456","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-altcoin","tag-avalanche","tag-cryptocurrencies","tag-dapps","tag-decentralized-exchange","tag-ftx","tag-futures","tag-solana","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/598456","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=598456"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/598456\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/598457"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=598456"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=598456"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=598456"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}