- SOL has declined almost 38.74% over the last few months.
- Solana experienced a strong weak feeling, reaching $ 65.
Last day, Solana (SOL) scored a sharp decline and recorded a minimum of $ 131. This decline extends the weakness of the month when the SOL suffered significant losses on the price chart.
At the time of writing, Solana was traded at $ 141, down 38.74% over the last month.
Solana’s market cap fell to five months of $ 69 billion. Because of this continuous decline, major stakeholders discussed the future trajectory of Altcoin.
Popular encryption analyst Ali Martinez proposed a potential dip for $ 65.
Market sentiment…
In his analysis, Martinez pointed out that Solana appears to form a wide pattern that is transformed on the right.
In general, this pattern is a signal that increases the potential of market volatility and strong price fluctuations. The pattern consists of high high and horizontal support, which is expanded.
Violations under this pattern can cause prices to fall sharply.
Source: X
Therefore, Martinez pointed out that if Solana falls below $ 130, it can lead to a strong weakness and SOL can record the lowest level of $ 65.
These drops will be spent at the lowest level of the SOL at the lowest level, the last witness in December 2024.
Is Solana an additional deep set?
According to AmbCrypto’s analysis, Solana is currently in a strong weaker stage. Typical market conditions can enter additional losses on the price chart of SOL.
Source: TradingView
For example, Solana’s relative intensity index (RSI) has fallen to reach the hyperpletation area at the age of 26. This reduction in RSI suggests that Solana is currently experiencing strong sales pressure and that sellers are dominating the market.
This dominance is further verified by CMF and remains voice for the last three weeks.
Source: Artemis
Solana’s total value lock (TVL) has fallen to $ 7.3 billion for three months due to free fall. This reduction on tvL means that few users are currently participating in the Solana network.
Therefore, most users are transferring funds to Stablecoin when anticipating the drop in additional prices, reflecting strong weaknesses.
Source: Coinalyze
This decrease in market participants is more confirmed by the powerful reduction of the aggregated public interest. This means that investors have lost their trust in the market and are currently in charge of reducing losses.
In short, Solana is currently experiencing a strong downward pressure and has a weak feeling in the market, so the SOL can fall more.
Therefore, if the general market conditions are maintained, the SOL is about $ 128. But if the trend is reversed here, Altcoin will first recover $ 155.