Solana Fails $200 Breach, Triggers Sharp Breakdown in Price
Solana ((sol) has faced a challenging period recently, moving in bearish patterns, suggesting potential shrinkage. Prices have begun to reflect these issues and the wider market has not provided adequate support for recovery.
As Solana strives to maintain upward momentum, its prices have fallen sharply, leading to further uncertainty in the market.
Solana is losing investors’ interests
Solana’s online activity has slowed significantly, with active addresses falling to five-month lows. This decline in trading activity reflects investor confidence as holders seem to retreat from interactions with the network.
The lack of significant growth or recovery in price action over the past two weeks may lead many investors to take a more cautious stance.
As the active address continues to decline, Solana holders become increasingly skeptical About the near-term prospects of tokens. Without meaningful growth or clear bullish signals, these investors may continue to hinder, potentially exacerbating downward pressure on Sol prices and making recovery more difficult.
Key technical indicators, e.g. Relative Strength Index (RSI)indicating that Solana’s broader macro momentum also maintains pressure.
Currently, the monthly low is 40.66. RSI It indicates that bearish momentum is mainly Solana’s price action. When the RSI is below 50, it is usually an indication that the seller is in control, which may extend the downward trend.
As broader market leads remain uncertain, RSI points to continue Solana’s Weaknesses. Unless there is a significant change in sentiment or a favorable market catalyst, it seems that SOL may continue to face downward pressure in the near term, potentially lowering prices.
Sol Price Forecast: Recover Loss
Prices of Solana It has dropped 7% in the past 24 hours, trading at $177, with a support level held above $175. However, Altcoin has recently lost in rising wedge mode, which suggests that prices may continue to decline. If the current downtrend persists, Solana may struggle to maintain above critical support levels.
This bearish pattern may shrink further, but the price may not drop below $161 in the near term. But if Solana loses $161 in support, it could face a deeper drop, with potential testing levels around $156 or less. This situation will further validate the bearish outlook and delay any recovery attempts.
On the other hand, if Solana Management To get rid of the $183 support, if broader market conditions improve, the price may return to $201. Violation of the $201 level is key to invalidating the current bearish paper and suggests that Solana has restored upward momentum, potentially paving the way for a stronger recovery.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
