Solana Faces Major decline, But hope Remains
Solana’s value took a hit last week, plunging to $192. this 20% drop from its monthly peak wiped out billions. CoinGlass data reveals that over $400 million in bullish positions were liquidated, signaling investor caution.
Despite the downturn,there are signs of potential recovery. The Solana price crashed and bottomed at $191 last week. This was a significant level as it coincided with the bottom of the trading range of the Murrey Math Lines and the 38.2% Fibonacci retracement level. The decline also coincided with the 100-day Exponential Moving Average. Therefore, it is likely that the SOL price will bounce back and possibly retest the psychological level at $250. Such a move would imply a 26% upside from the current level. A drop below the ascending trendline that links the lowest swings since June will invalidate the bullish Solana price forecast. rnrn
