Solana price is down over 20% from its recent highs and the downtrend may continue into January 2024.
Solana (SOL) is witnessing a price correction after rallying over 100% in December. SOL’s decline appears to be the result of profit-taking and capital rotation into Ethereum’s (ETH) token.
On Dec. 28, SOL’s price has fallen to $101.50, three days after reaching $126.50, the highest level since April 2022.
It is evident that traders have started booking profits after Solana’s latest price rally. One indicator suggesting this is SOL’s daily relative strength index (RSI), which crossed above 70, or “overbought” earlier in December.
