#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_أمريكا #wct $SOL
The price of Solana stock dropped to 121 dollars after a decline of 2%.
The value of Solana stock liquidation operations reached 20.07 million dollars.
The color red dominates the cryptocurrency market, as the downward trend continues with no signs of a reversal. With fear prevailing, all major assets are losing momentum, heading towards their previous lows. The largest assets, Bitcoin (BTC) and Ethereum (ETH), are teetering on the edge of decline. Meanwhile, Solana (SOL) recorded a loss of 2.95% after a series of key retests.
The currency opened its daily trading at a high of $125.40. After bouncing between certain support and resistance levels, a bearish reversal occurred, and Solana dropped to its lowest point at $121.82. If selling pressure increases, the currency may face further losses. According to CMC data, Solana is currently trading at $121.81.
Additionally, the market capitalization is likely to remain at $68.34 billion, with Solana's daily trading volume briefly dropping to $3.09 billion. Coinglass data reported that the market experienced liquidations worth $20.07 million of Solana shares over the past 24 hours.
Will the price of Solana see further declines in the coming sessions?
The four-hour trading chart shows a bearish trend for the Solana price, which may drop towards the support level at around $120.36. A drop below this range could accelerate the bearish correction and the emergence of a deadly crossover pattern. Ultimately, this would lead to the price falling below the $119.51 level.
Conversely, assuming a bullish trend forms, the asset's price may rise and test the resistance level at $122.64. Surpassing this level could strengthen bullish pressure, leading to the formation of a golden crossover, and the Solana price may rise to the $123.49 area.
The technical analysis of the Solana price shows a bearish trend, with the Moving Average Convergence Divergence (MACD) line and the signal line below the zero line. This indicates bearish momentum, and a bullish crossover in this area may be weak unless the price rises above zero.
SOL chart (Source: TradingView)
Moreover, the value of the Chaikin Money Flow (CMF) indicator at -0.02 indicates slight selling pressure in the Solana market. Capital is flowing out of the asset, but the movement is weak and not sharp. A deeper negative value may indicate stronger bearish momentum.
The Bull and Bear Power (BBP) reading of -3.85 shows strong bearish dominance. Sellers are in strong control, as the price trades below its recent highs. Unless the price begins to return towards zero, the bearish trend is likely to continue. Additionally, the current market sentiment for Solana is bearish, with the daily Relative Strength Index (RSI) remaining at 37.06. Notably, the asset may be approaching the oversold territory, below the 30.$SOL
