Solana price analysis: SOL price value drops to $21.67 following the bearish extension

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.

Timeline of Solana

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.

Solana Price: The market is trading in green today as Bitcoin and other Altcoins are still seeing a jump today despite the collapse of three major U.S. banks last week. As of writing, Bitcoin price increased by over 17% in the last 24 hours and shoots past $26k.

The most recent Solana price analysis is going strongly bullish today. Some traces of bearish resistance have also been observed, but bulls seem successful in dodging them again and continuing their lead.