Solana, a popular cryptocurrency, has been experiencing a decline in price, with its value falling to $181, a decrease of over 6% in the last 24 hours and more than 17% this week. This downturn is attributed to increasing bearish momentum and sellers dominating the market. The Relative Strength Index (RSI) is close to 39, and the key moving averages are narrowing, suggesting further downside if support does not hold.
Current Market Trends and Technical Analysis
The sharp decline in Solana’s price comes as the broader crypto market experiences a downturn, with top altcoins and major cryptocurrencies like Bitcoin and Ethereum also showing weakness. The current price of $181 is a critical level, and the question is whether this support can hold or if a deeper decline is imminent. Technical signals suggest caution, with the RSI indicating weakening momentum and the risk of further downside if selling continues.
The 20-day and 100-day moving averages are converging, with the price now just above the longer-term 200-day moving average. If Solana breaks $180, the next support lies at $168, last week’s crash low, and potentially $150 if the broader market continues to ease. A bullish reversal would require a sustained defense of $180, followed by a decisive move back above the 100-day moving average to restore confidence.
Factors Influencing Solana’s Price
Positive triggers for a potential recovery could come from renewed corporate accumulation or a surge in optimism surrounding the expected launch of Solana-based ETFs. Both institutional accumulation and regulatory advances have led to strong rallies in Solana’s price in the past. However, without these drivers, the risk of further losses remains. The Solana price chart shows the current trend and potential support levels, with the daily price chart indicating a potential breakdown below $180.
Solana daily price chart | Source: TradingView
In conclusion, Solana’s price is currently showing signs of weakness, with technical indicators suggesting further downside if support does not hold. The current price of $181 is a critical level, and the market will be watching closely to see if this support can hold or if a deeper decline is imminent. For more information on Solana and the crypto market, visit https://crypto.news/solana-price-retreats-near-180-as-technicals-flag-caution/.
