Solana Price Drops Below $200 as $180 Support Level Faces Test
Solana (SOL) has seen a significant pullback, dropping below the $200 mark for the third consecutive day amid concerns following the Libra token rug pull.
Current Price Trends
- Recent all-time high of $295 has fallen to $182.
- Current trading price at $185 with a 1.34% intraday decline.
- Support trendline breached, indicating loss of bullish momentum.
- $180 support level is critical; potential bounce from $180 observed.
Market Sentiment and Indicators
- Bearish sentiment growing due to the Libra incident.
- MACD shows no bullish crossover; bearish histograms increasing.
- Daily RSI remains stable above oversold levels, hinting at possible bullish divergence.
On-Chain Developments
- DEX trading volume down by 25% in one week.
- Raydium protocol's trading volume decreased by 47%.
- 11.2 million SOL tokens to be unlocked on March 1, increasing supply pressure.
- Wallets holding over 100 SOL declined by 2.24%, from 154,653 to 151,184.
Price Targets
- If SOL drops below $180, it may fall to $161.
- Further declines could test psychological support at $150 and $135.
- A recovery might target $200 and then $210 at the 38.20% Fibonacci level.