Solana Price Drops to $146.25 as Bearish Pressure Mounts
Solana (SOL) is currently trading at $146.25, marking a -2.97% decrease in the last 24 hours. The significant trading volume of 2,765,608.58 SOL suggests heightened market activity, reflecting a prevailing bearish sentiment among traders.
The price drop comes amid increased selling pressure, pushing SOL further down from recent highs. This downward movement indicates a potential shift in market dynamics, with bears seemingly gaining control. Further analysis is needed to determine if this is a short-term correction or the beginning of a more sustained downtrend.
The market capitalization of Solana stands at 409,467,689.22 USDT, reflecting the overall value of the circulating supply. The substantial 24-hour trading volume further emphasizes the current market activity and volatility. This interplay between price and volume will be crucial in determining the near-term trajectory of SOL.
Key support levels for Solana are currently around $140 and $135. A break below these levels could trigger further downward movement. Resistance lies around $150 and $155. A successful break above these resistance levels could signal a potential reversal of the current downtrend.
Analyzing trading patterns, we observe a descending triangle formation, suggesting a potential continuation of the bearish trend. However, a sudden surge in buying volume could invalidate this pattern and lead to a price breakout. Traders should closely monitor price action around these key levels.
In the short term, Solana’s price is expected to remain volatile, with the potential for further downside. If the bearish pressure persists, SOL could test the $140 support level. A break below this level could open the door for a further decline towards $135.
Key levels to watch in the coming days include the $140 support and the $150 resistance. A decisive break below $140 could accelerate the downtrend, while a break above $150 could signal a potential recovery. Traders should exercise caution and manage their risk accordingly.
Final Summary:
- Current Price: 146.25 USDT
- 24h Change: -2.97%
- Market Cap: 409,467,689.22 USDT
- 24h Volume: 2,765,608.58 SOL
- Circulating Supply: 1,977,252 işlem 📉
