Solana Falls Below $100, Drops to 7th in Market Capitalization
Solana (#SOL) Decline
- Solana's price fell over 16%, dropping below $100 for the first time since February 2022.
- The decline is attributed to a sell-off in risk assets due to U.S. trade tensions.
- SOL is currently trading slightly above $100, having decreased by 40% over the past year.
- Market cap has reduced to approximately $52.17 billion, placing Solana at the 7th position among cryptocurrencies.
- 24-hour trading volumes surged by 290%, indicating panic selling.
- Over $64 million worth of long positions were liquidated within 24 hours.
Price Outlook
- Bollinger Bands indicate increased volatility and an oversold condition.
- RSI is around 30, suggesting potential for a price reversal if buying interest returns.
- Resistance is anticipated near $108; breaking this could lead to $120.
- Key support levels are identified at $92 and $88.
- MACD shows strong bearish signals, confirming ongoing downtrend.
Market Sentiment
- Analysts' opinions on the dip vary; some see it as a buying opportunity, while others predict further declines to $90.
- A Solana user staked $0.05 of SOL for 3,000 years, symbolizing confidence in the network's future.
- A whale staked 71,318 SOL, valued over $7.6 million, despite unrealized losses.
- Bitwise projects Solana's price could reach up to $6,000 by 2030.
Source: TradingView
Source: TradingView