Solana (SOL) has declined by 25% over the past month and is struggling to recover critical technical levels, causing concern among investors. The cryptocurrency, known for its high throughput and low transaction costs, has been trading below key moving averages and facing substantial selling pressure. The Relative Strength Index (RSI) also indicates stronger selling pressure than buying interest. The futures market reflects a pessimistic view, with more traders shorting SOL and expecting further downward movement. The combination of weak demand and negative sentiment suggests Solana's price is likely to face further declines. However, there is a slim possibility of a reversal if there is a significant increase in demand. Solana's struggles are occurring in the context of the broader cryptocurrency market, which is experiencing volatility due to macroeconomic factors and increased competition. This downturn could also impact Solana's ecosystem, including dApps and NFTs built on the network. The bearish scenario for SOL suggests that the price may drop below $130.
- Content Editor ( crypto.news )
- 2024-10-29
Solana shows potential for a drop below $130