SOL Falls 4.24% to $149.46 Amid Increased Trading Volume
Solana's SOL decreased 4.24% in 24 hours, trading at $149.46 after a peak of $158.54. The decline followed a sell-off that broke the $155 support level, with the price hitting a low of $148.68 before stabilizing around $150.
Key points include:
- Cantor Fitzgerald launched coverage of three companies holding SOL as treasury assets, assigning them “overweight” ratings.
- Analysts noted Solana’s growth surpassing Ethereum in developer activity and technical performance.
- Despite market cap differences, SOL is viewed as a competitor to ETH.
- Current trading dynamics are focused on whether SOL can maintain the $148–$150 range amidst recent volatility.
Technical Analysis Highlights
- SOL-USD fell 7.0% from $158.804 to $147.746, with a 24-hour range of 11.058 points.
- The most significant sell-off occurred between 22:00 and 00:00 UTC, breaking through $155 support on over 2.7 million SOL volume.
- Price stabilized around $152, fluctuating between $151 and $154.
- The $152–$153 zone shifted from support to resistance, with $148.68 as the session low.
- A drop from $153.118 to $152.680 occurred at 07:57–07:58 UTC, exceeding 150,000 SOL in volume.
- SOL consolidated between $153.400 and $152.680 towards the end of the analysis period, indicating market hesitation.