Solana (SOL) has recently seen significant price declines, with the altcoin dropping from key price levels. This downturn has also affected..
has recently seen significant price declines, with the altcoin dropping from key price levels. This downturn has also affected the derivatives market, where an increasing number of traders are betting against a price hike.
Furthermore, SOL remained below its long and short-term moving averages , serving as resistance around $149.29 and $153.87, respectively. Additionally, the Moving Average Convergence Divergence line was at -1.46, with the signal line at -3.67. The negative values of these indicators highlighted SOL’s prevailing downtrend, despite a minor uptick.If the decline continues, the first significant support level will be at the 23.6% Fibonacci retracement level, at around $128.88. However, if this support fails to hold itself, the price could fall further to the 50.0% Fibonacci retracement level at $116.79.
Over the past week, the cryptocurrency market saw a significant downturn, resulting in billions being wiped off the overall market capitalization.While buyers had previously dominated the market, the overall trading volume was relatively weak. At the time of writing, the funding rate had dropped below zero, at approximately -0.0075%.
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