Solana's Price Plummets by 3% Amid Technical Pullback

Solana's price took a hit over the last 12 hours, dropping by approximately 3% to around $101.87 from its earlier high of about $107.28.

This move appears to be a technical pullback rather than a reaction to any specific news or fundamental catalyst, according to analysts.

The recent price path shows that Solana had become overbought before this correction, with multiple indicators suggesting it was due for a short-term reset in its uptrend.

Technical analysis indicates that the altcoin broke above key moving averages and reached 'overbought' territory on the Relative Strength Index (RSI), which is common for corrections after strong runs.