SOLANA MARKET STRUCTURE UPDATE FOR LAYER_1 SECTOR 🔴📊

I am monitoring $SOL's price action closely, with a 24h change of -5.25%, indicating a potential shift in market structure, and it's likely that the price will continue to decline if the current momentum is maintained, with a potential target of $64.50, it shouldn't break the support zone of ~$66.7420, or the bearish outlook will be compromised 📊. The current price action is showing a clean breakdown below the mid range of $68.9550, which is a negative sign for the bulls, and the liquidity pools are likely to be filled around the support zone of ~$66.7420 💰.

The funding rates for $SOL are currently at -0.02%, indicating a bearish sentiment in the market, and the volume profile is showing a significant increase in selling volume, with a 24h volume of $2455.36M, which is a negative sign for the bulls, and the market structure shift is likely to continue in the coming sessions, with a potential target of $62.00, it shouldn't break the resistance zone of ~$71.1425, or the bearish outlook will be compromised 📈. The order blocks are likely to be filled around the support zone of ~$66.7420, and the VWAP is currently at $69.20, which is a negative sign for the bulls, and the price action is likely to continue to decline in the coming sessions 📊.

DYOR

#SOL #LAYER_1 #CryptoTrending #BinanceSquare