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- Santiment tweeted that the FUD surrounding SOL is at a 6-month high.
- This FUD follows a 20-hour period of not a single transaction being processed.
- SOL’s price has already dropped more than 3% over the last 24 hours.
Santiment (@santimentfeed), the blockchain analytics firm, tweeted this morning that Solana (SOL) is a trending topic in the crypto space associated with words like concern. The reason for this, according to the tweet, is because SOL went 20 consecutive hours without a single successful transaction.
#Solana is a trending topic in #crypto with associated words like #concern. Why? Over the weekend, $SOL went 20 consecutive hours without a single successful transaction. Outages like these have historically caused short-term #FUD from panic sellers. https://t.co/PQ7Iadxe0O pic.twitter.com/Gmio62mwBh— Santiment (@santimentfeed) February 28, 2023
The tweet added that SOL network outages like this have historically caused short-term FUD from panic sellers. This seems to be true for this latest outage as social activity regarding SOL FUD has reached a 6-month high.
The FUD seems to have kicked in for SOL’s price given that CoinMarketCap shows that the altcoin’s price has dropped 3.11% over the last 24 hours. This 24-hour drop has added to SOL’s double-digit negative weekly performance which now stands at -14.81%. As a result, SOL is trading at $22.20 at press time.
SOL’s price has also weakened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 2.52% and 2.36% respectively over the last 24 hours.
Daily chart for SOL/USDT (Source: TradingView)
The price of SOL is currently resting on the key daily support level at around $22.14 after its attempt to break above the 9-day and 20-day EMA lines yesterday was rejected.
There is a strong negative trend line present on SOL’s chart which suggests that there is a surplus of sell pressure in comparison to the current buy support for the altcoin.
Furthermore, the 9-day EMA line is on the verge of crossing below the 20-day EMA line and the daily RSI line is sloped negatively towards the oversold territory. These bearish technical flags hint that SOL’s price will continue to fall in the next 24 hours.
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