After spending the last month on the uptrend, Solana price seems to be headed for a consolidation. SOL has spent the last two days on the downward trajectory, losing about 5% of its value in the process. At the time of writing, SOL was down by a further 0.6% from its position 24 hours earlier to trade at $245.72.
If it ends the day in the red, it would be the first time since October 11th that SOL has spent three consecutive days on the losing end. That would probably not create a negative sentiment around an asset that has set multiple all-time highs over the past two weeks. However it could be a signal of a weakening asset.
However, based on its current price, Solana is still 20.4% higher than its position 7 days ago. This forms a strong foundation for strong buying momentum.
Solana to host the world’s first blockchain-based messaging service
In the meantime, Solana is set to enter the instant messaging world following its integration with Secretum. The Secretum messaging platform will be hosted on the Solana blockchain.
The development will see the launch of the world’s first blockchain-based messaging platform, with end-to-end encryption. It will enhance the security and privacy of users by leveraging the benefits of blockchain. That could potentially pose a big challenge to WhatsApp and Telegram, which are currently market leaders.
Technical analysis for Solana price
Solana price momentum has been on the decline over the past three days. The RSI is on the decline and is currently at 66, after slipping from 71 during the last three days. Nonetheless, the RSI figure signals that the momentum is still strong enough to support upward price action.
If the bulls sustain the buying momentum, the price could rise to find resistance at $253.27. If it breaches that level, the next target could be an ATH at $260.49. On the downward side, if the bears take control, the price could head lower. The first support is likely to come at $236.09.Beyond that point, it could signal a reversal, with the next support at $218.800.
