Ethereum Layer-1 competitor Solana has been on a downward trajectory ever since hitting its 2023 high of $68.21 earlier this month in November. The Solana price has corrected a further 5% over the last 24 hours slipping under $55 as of press time.

The Solana price has come under pressure amid the broader market sell-off with Bitcoin and altcoins both heading lower. Amid today’s price correction, SOL has dropped under its 10-day exponential moving average (EMA) at $56.53, indicating that bears are taking the upper hand over the bulls.

The good thing is that the Solana price is still trading above its 50-day and 200-day EMAs of $43.25 and $29.51. As reported by CoinGape, the SOL price has encountered multiple pullbacks during its continuous uptrends, often retracing to either the 38.2% or 50% Fibonacci levels.