Is It A Good Time To Buy Solana (SOL)? Detailed SOL Price Analysis With Entry Levels & Stop Loss 

Under the influence of a resistance trendline, the Solana coin price has witnessed an established downtrend for the past ten months. However, amid the U.S. bank crisis, the crypto market has gained more spotlight, triggering a recovery phase in the majority of major cryptocurrencies.

Timeline of Solana

Solana (SOL) is one of the most popular cryptocurrencies in the market, known for its fast transaction speeds and low fees. The platform has been gaining popularity in recent months, with investors flocking to it as an alternative to Ethereum.

The recent Solana price analysis shows a downward trend as the market falls below $21.67. The SOL coin has been trading below the $ 21.14 level since the beginning of today, and the downward trend has continued to dominate the market for the past 24 hours.

Solana Mobile recently made a major announcement that can have a potential impact on the Solana [SOL] ecosystem. As per the announcement, the full Saga product design files became open source.

Solana Labs subsidiary Solana Mobile announces the launch of its flagship smartphone Saga is coming next week. The Saga smartphone introduced last year by Solana Mobile is currently available for pre-order on the website.

The cryptocurrency market continues to recover despite a widespread crisis in the banking sector, and Solana (SOL) is no exception, leading the cryptocurrency community to bet on its further price improvement, particularly by the end of the third month of 2023.

The top decentralized exchange (DEX) built on Solana (SOL) plans to restrict Americans from trading on its platform at the end of the month. Orca (ORCA) announced the new restriction on its website this week, however, it did not provide a reason for the change in policy.

Formfunction, the one-on-one NFT marketplace based on the Solana blockchain, announced its plans to shut down the platform amid NFT's trading volume and prices slump. The digital firm announced on March 15, without pointing to the exact reason, that it would be functional till March 29 only.

Institutional cryptocurrency investors have raised their bets on cryptocurrency investment products offering them exposure to Solana ($SOL) and $XRP, the native token of the XRP Ledger, during the past week, which saw record outflows from crypto investment products.

A Solana ($SOL) whale has, according to transaction data from the cryptocurrency's blockchain, deposited $10.2 million worth of the smart contract platform's native currency to Coinbase, a leading US-based cryptocurrency exchange.

Over the past few days, Solana has been attempting to reverse its price action. Over the last 24 hours, the altcoin surged above 11%, bringing the price to a crucial level at press time.