Solana (SOL):
- Price action: SOL is down 2.26% to $168.40. It’s underperforming BTC and ETH on the day.
- Structure: After running up with the broader market in April-May, SOL is now cooling off alongside risk assets. No major news catalysts today, so it’s mostly following BTC beta.
- Volume: Trading volume is elevated at ∼$3.66B in 24h, but price is slipping, which suggests distribution rather than accumulation.
- Context: SOL tends to move 1.5-2x BTC on both up and down days. With BTC at risk of testing $70k, SOL could see $155-$160 if selling accelerates.
Key levels:
- Support: $165, then $155
- Resistance: $172-$175