Solana (SOL) Drops Below $150 as Selling Pressure Increases 📉
Solana (SOL) is experiencing a sharp decline, dropping over 16% in 24 hours as its market cap falls below $70 billion, driven by increased selling pressure. The downturn follows a short-lived rally to $178 after inclusion in the US strategic crypto reserve.
The Ichimoku Cloud and Directional Movement Index (DMI) indicate a bearish sentiment, suggesting potential further decline unless SOL stabilizes and recovers key resistance levels. Rebounding to $200 remains possible if momentum shifts positively.
The Solana DMI highlights weakening trend strength, with a falling ADX and stable -DI signaling diminishing seller momentum. Consolidation may occur if the ADX continues dropping.
To counter the current downtrend, significant buying pressure would be necessary. A reversal with SOL breaking past $160 resistance could propel the price towards and above $200, with $205 as a potential target if bullish momentum gains traction.
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Solana’s Potential Price Growth Amid Market Rally and ETF Speculation
Solana Faces Crucial Resistance at $127: Challenges Ahead for Potential Bullish Momentum
Solana Faces Resistance and Redistribution Challenges: Can Support at $123 Hold Amid Market Shifts?
Is Solana’s $150 Resistance Line a Temporary Setback or the End of Its Bull Market Potential?
Solana Price Dynamics: Monitoring Support and Resistance Levels for Strategic Investment Decisions
Solana’s Key Support Level at $129.79 Suggests Potential Breakout Amid Market Compression
Solana Shows Promise in Accumulation Zone, but Resistance at $143 Remains a Challenge