Solana (SOL) Price Suffers Constant Setbacks Amid Sluggish Market Conditions

• There will be an invalidation of the downtrend scenario if $49.50 is breached.
• The current price of Solana is $42.65 as per data from CMC.

Solana pricing is experiencing stunning price activity amongst intraday traders. This week, the bears were successful in bringing the price down to even $40. The emergence of a fresh negative factor indicates that the market will continue to decline in the coming days.

The current price of Solana is $42.65 and is very low than the $140 peak reached in April. The bears are continuously invading the market, notwithstanding the recent decline in the market’s value. The price of SOL has shattered the triangle formation that has encircled it for the previous two weeks and may now be utilized to forecast a further 20 percent rise.

Bad Timing is Devastating

There will be an invalidation of the downtrend scenario if $49.50 is breached. After price action is established in this area, the downtrend could be invalidated with bullish targets of $80, which would result in a 100% increase from the current Solana price of $42.

Solana’s team announced at 03:34 UTC yesterday that they were aware that the blockchain clock was running 30 minutes late from the time on the clock. In the notice, slow block times advanced as a cause of the time disparity, which was downplayed.

Figures show that the average block time for the Solana blockchain is 659 milliseconds, while the average block time for the whole day is 741 milliseconds. An important metric for blockchains is the time it takes for validators to verify transactions in a block before creating new blocks. SOL’s share price dropped by 5% in 24 hours after the latest time blunder. The asset has lost 16.20 percent of its value in the last week as the crypto market continues to devastate the rest of the economy.