Is it Worth Buying SOL as Binance Wrecks Havoc on the Token?
this Crypto market today painted with redthe S&P 500 has dropped nearly 3% over the past few days. Solana prices have been traded on a sunken ship, witnessing a rise in sales pressure, which has caused prices to fall below $140. Currently, prices continue to be under enormous sales pressure, suggesting that Solana’s next pit stop may be close to $122. Now the question is coming: Is it the right time to buy Solana? yes Sol Price Are you optimistic about the future?
Since the carpet pull case escalated on the Solana chain, traders’ confidence in tokens has dropped to a large extent. Additionally, this is one of the popular crypto liquidity providers. In a recent update, top crypto exchange Binance also cleared a large amount of Sol through marketer Wintermute. This increases the bearish possibility of the token, which is now believed to lower the Sol price.
While some believe the platform is aware of some updates, which makes them bearish on Solana, others believe that the exchange is intentionally dumping the tokens to buy back the lower prices. Currently, SOL prices are facing extreme upward pressure, which is believed to drag the level to the next support below $120.
What is the future of the Solana (Sol) price rally?
Solana’s price has removed most of its earnings in the past few days, with no visits since October 2024. Prices have entered the critical support range between $136.5 and $133.6, providing a strong foundation for 2024. Meanwhile, the current deal, the current trade setting suggests that prices may ultimately fail to defend these levels of support, resulting in prices approaching $100.
As shown in the above chart, SOL prices have reached key support levels, and bearish effects will increase. RSI has reached unvisited levels since June 2023, while MACD has since 2022. This suggests that the token has officially launched a strong downtrend, which could turn into a bear market if the price fails to support holding $119. Currently, sales pressure has intensified, as shown by MACD, which suggests that prices may still be lower.
Meanwhile, homeostasis (OVER) has been declining since the beginning of this month, indicating that market sentiment has turned bearish. Therefore, SOL prices may maintain a strong downward trend for a long time.
