Solana Drops Below $177 Amid Broader Market Concerns
The cryptocurrency market is under pressure as Solana (SOL) fell below its $177 trading range, influenced by global economic concerns. Geopolitical tensions are causing investors to reevaluate their risk exposure in digital assets.
Despite the downturn, Solana’s ecosystem is growing, with R3's integration into its blockchain indicating increased institutional interest in tokenizing real-world assets.
Technical Analysis Highlights
- SOL price dropped from $177 to $170.41, marking a 4.5% correction.
- Volume spiked to 1.26M during a midnight drop below $172.
- Support levels at $170.67-$171.66 have held.
- Price recovered toward $174 but encountered resistance.
- In the last hour, SOL fell from $172.93 to $172.00.
- A significant drop occurred at 08:00, touching $171.92 before recovery.
- Volume reached 29,372 units during this decline, indicating selling pressure.
- Temporary support found at $171.80-$171.85 around 07:30-07:31.
- Local high of $172.35 was recorded at 07:36 during the recovery attempt.
- Price remains near the $172 support level.