CandleFocus

Solana price nears death cross as weekly DEX volume rises 46%

Author: Content Editor
Solana (SOL) has been experiencing a downward trend, falling for four consecutive days amidst a broader decline in the crypto industry. The fifth-largest cryptocurrency dropped to $135, its lowest point in over three weeks, and has entered a local correction, losing 16% from its recent peak. This decline is happening alongside a retreat in most Solana meme coins, with the market cap of all Solana meme coins decreasing by 7% to $7.8 billion. Despite the price decline, the Solana ecosystem is progressing well, with its weekly volume in the decentralized exchange industry increasing by 46% to $9.25 billion, making it the second-largest player after Ethereum. However, rising geopolitical risks, such as the potential of a war between Israel and Iran, may be contributing to the Solana sell-off. The Solana price chart suggests further potential downside, with the 50% Fibonacci Retracement level approaching and the 200-day and 50-day Exponential Moving Averages forming a death cross. The initial target for the sell-off is at $121.65.

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