Solana keeps down trends, and warm chain data suggests an increase in sales pressure to raise this Altcoin to $ 140.
Solana continues to surrender profits from the fourth quarter of 2024 when the plunge of the entire market tests digital assets. 38%of the slips saw SOL again visiting the price range witnessed in October 2024.
Looking at the warm chain data, Solana shows that when you meet DEX’s rapid reduction and amount of amount, it is even faced with an increase in sales pressure.
Solana falls further
Solana has recovered 4.5% in the last 24 hours, but has still decreased 17% in seven -day games. SOL surrendered 40%of its market cap, now reaching $ 74.4 billion. Loss of the SOL value raises concerns about the extended decline.
Market Chart List Ali Martinez report Interior chain data increases the fear between investors, and the net profit/loss indicators show an increase in sales pressure. Also, the analyst observed Solana’s pre -relocation dropped sharply from $ 199.9 billion in November last year to $ 14.6 million.
Moreover, the decentralized exchange (DEX) volume has fallen 30% more over the last seven days and has tested the lowest level seen in October 2024. SOL FUTURES Open Interest has repeatedly from $ 4.1 billion to $ 4.1 billion from $ 8.5 billion on January 19 to coinglass data on February 27. Declaration depicts the reduction of merchant trust.
Market analysts are considering a controversial Libra Pump and Dump system, characterized by Javier Milei, and considering a decline in mute coin’s fading over advertising. The president is facing a fraudulent survey, which is believed to have promoted a deception of deceptive password projects by raising billions of dollars in the several hours after its launch.
Fading memes coin over advertising appears to be negative because capital inflows are introduced into SOL -based tokens. Glass node data suggests that it has no fresh liquidity.
Reasons for decline
The decrease in Solana is consistent with Bitcoin falling below $ 88,000, and analysts have aroused freedom with some macroeconomic factors.
Step Fall is related to the announcement of President Donald’s 25% tariffs aimed at importing Mexico and Canada. This increases inflation fear and worsens volatility in the encryption market.
As the division handles the exploitation of $ 1.5 billion in the BYBIT Process, the entire market is inevitable. Attacks on encryption exchange are associated with screws sponsored by North Korea. The abuse of cold assets has had a great influence on investor trust in the digital asset sector.
The market sentiment around the SOL ecosystem seems to be shaken by the news of the currently destroyed encryption Exchange FTX plan, which is shaken by the news to unlock 11 million soles, estimated to be $ 2 billion in March. This adds the pressure of the MEME Coin Fiasco, and the report on the inner trading and collaboration increases negative prejudice with the goal of fraudulent inventors.
SOL price trajectory
The SOLANA price chart per macd metric shows a weakened intersection. MACD formation is consistent with the histogram that maintains the red bar by increasing the downward momentum and the long -term selling when there is no strong strength catalyst.
In addition, the relative intensity index (RSI) of this Altcoin is at 33.02, suggesting that it is in the overburped area. This means that SOL sales pressure has reached extreme levels. Nevertheless, the trader should be careful because the RSI may be confused because the RSI may be confused during the strong drop.
Encryption analyst Martinez considers the right deformation and enlarged formation within the 3 -day chart of the SOL. The current price is in this formation and approaches important support of $ 130. Analysts pointed out that if the Bulls failed to defend $ 130, it could cause an additional down to $ 65.
Analysts warn that if SOL fails to meet an optimistic catalyst to cause purchases, the SOL may have more difficulties to reclaim the lost land. This situation allows you to fall further at a price of $ 120.