Solana Price Faces Pressure as Crypto Market Slides
Solana’s price has dipped to around $195, marking a 5% drop for the day. This decline is part of a broader crypto market downturn, with Solana losing about 20% this week. The token recently lost support at $214, reversing its earlier rally.
Major investors, or whales, are contributing to the sell-off by moving large amounts of SOL to exchanges. This action is typical after a price rally, as investors take profits. The broader market sentiment has also turned risk-averse, affecting Solana more than other major cryptos like Bitcoin and Ethereum.
Technical analysis suggests that Solana could find support around $185. If buying interest returns,prices could rebound to $202,$210,and even $230. However, a drop below $185 could lead to further losses, potentially reaching $170 or $156.
Key indicators like the Relative Strength Index (RSI) are nearing oversold territory, hinting at a possible slowdown in bearish momentum. Short-term trends are bearish, but longer-term averages remain stable. A sustained rebound depends on strong buying interest and positive market news.
For now, Solana’s price action suggests a potential bounce if support holds. Traders should watch for signs of renewed buying and any positive market catalysts that could drive prices higher.
