Solana Trades Below Key Support Level Amid Ongoing Selling Pressure
Solana Faces Major Price Declines
Solana is experiencing significant selling pressure, trading at its lowest levels since September 2024. Key points include:
- SOL has retraced over 55% since reaching its all-time high in January.
- The market sentiment is characterized by extreme fear, impacting investor confidence.
- Speculative meme coin activity has shifted from a rallying point to a risk factor.
- Analysts suggest further declines could occur if SOL fails to reclaim critical support levels.
- Recent analysis indicates a breakdown below key demand zones intensifies bearish sentiment.
The next week is critical for Solana. If it cannot hold above $140, further selling pressure could drive the price towards lower demand zones around $125–$130. Conversely, regaining levels above $185 might trigger a short-term recovery.
Current Price Struggles
As of now, Solana is trading at $139 after dropping over 22% since Sunday. Key observations are:
- Bears maintain strong momentum; establishing clear support remains difficult for bulls.
- A hold above $140 could indicate a possible short-term recovery.
- Failure to regain lost levels may lead to deeper corrections, testing prices last seen in August 2024.
Traders are closely monitoring Solana's price action amid increasing market volatility and uncertainty about its future movements.