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Why is Solana currently underperforming?



 Solana remains one of the top cryptocurrencies in the world but has underperformed over the past few weeks.

The cryptocurrency market has underperformed since November. Bitcoin and Ether hit new all-time highs of $69,000 and $4,800 in November, with the total market cap hitting $3 trillion over the period.

Since then, however, the market has been on a bearish trend, with the total cryptocurrency market cap now back below the $2 trillion mark. Solana is one of the top ten cryptocurrencies by market cap and is also currently underperforming.

There's no major trigger for Solana's recent underperformance. Over the past week, Solana has lost more than 3% of its value. This is in contrast to companies like Cardano and Terra, which have posted gains over this period.

At press time, SOL, the native token of the Solana ecosystem, is trading at $137, down 2% over the past 24 hours. Solana ranks seventh in the market despite selling off in recent months.

Important levels at a glance

The SOL/USD 4 hour chart is one of the most bearish among the top ten cryptocurrencies by market cap. Technical indicators are showing that SOL has been underperforming recently and could decline lower if current market conditions continue.


SOL is trading below its 50-day moving average price of $145. The MACD line has been trading below the neutral zone for the past few days, indicating a bearish trend for the cryptocurrency. The RSI of 39 shows that Solana is headed towards oversold territory if market conditions remain unchanged.

If the bears remain in control, SOL could break below the first major resistance level of USD 125 in the next few hours. However, the second major resistance level at $119 should limit further downside in the short-term.

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