Solana is currently struggling to maintain support below $140 as bearish momentum grows in the cryptocurrency market. The SOL token is trading at $139 and there are concerns that it could slide towards $65. The net unrealized profit and loss (NUPL) indicator suggests that Solana investors are in a state of fear and approaching capitulation. Solana's transfer volume has also seen a significant decline over the past three months, increasing the possibility of a bearish continuation. The SOL price has experienced a massive crash after failing to surpass $260, dropping by nearly 47%. The bearish crossover in the EMA lines and the oversold RSI line indicate increased selling momentum. However, there is some minor optimism in the derivatives market, with the long-to-short ratio equalizing and the volume-weighted funding rate turning positive. Analyst Ali Martinez highlights a right-angled ascending broadening formation on Solana's 3-day chart, suggesting that a break below $130 could lead to a drop to $65.



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