The price of Solana has dropped below $200, indicating the influence of bearish market sentiment. There are concerns of a deeper correction, but technical indicators suggest a potential comeback if the broader market stabilizes. The 4-hour price trend shows a falling channel pattern, with a 35% price drop over the past three weeks. Despite the bearish trend, there is a bullish divergence in the 4-hour RSI line and the MACD indicator is on the verge of a positive crossover. In addition, there is anticipation of a Solana ETF approval in 2025, which could drive liquidity and boost the market price. However, bearish pressure is fueled by constant supply surges from PumpFun, which has deposited a significant amount of SOL tokens to Kraken. The potential recovery of Solana above $200 could target the overhead trendline at $211 and a breakout rally could push it towards the $250 mark. On the downside, a bearish continuation could bring SOL down to the $175 support level.



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