Solana price is falling, but shorting it is risky, crypto analyst says
Solana price has fallen for two consecutive days, dropping 7.8% from its highest level this week.
Solana (SOL), the fourth-largest cryptocurrency, fell to $207 on Nov. 13, down from this week’s high of $225.
Its retreat mirrored that of Bitcoin (BTC) and other cryptocurrencies like Ethereum (ETH) and Cardano (ADA).
Despite the sell-off, one analyst believes it is too risky for traders to short SOL at the current prices. In an X post, Kingpin Crypto, an analyst with over 27,000 followers, warned that shorting the coin could be risky. He cited the fact that Solana was breaking out of an eight-month trading range.
Additionally, Solana maintains solid fundamentals as it has become a major player in the crypto…
