CandleFocus Solana plummets after failing $161 breakoutᅳIs a bigger crash coming?
2024-10-05
Author: Content Editor
Solana (SOL) has been struggling to gain traction and has declined by over 14% in the month of October. Critical technical indicators are showing a bearish trend, with the Relative Strength Index (RSI) falling below 50.0 and the funding rate turning negative. SOL is currently trading below the support threshold of $150 and could potentially drop to $124. However, if it manages to flip $150 into a support level, there is a chance for recovery. The broader cryptocurrency market is also under pressure, with Bitcoin and Ether seeing significant declines. Other altcoins like Cardano, Binance Coin, and XRP have also experienced drops in their prices. Traders are closely monitoring SOL's price levels as a possible market downturn looms.
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