The recent Solana Price Rally is reversed because selling acceleration in the cryptomarket.
Summary
- Solana Price is close to $ 195, with around 5% in the day and about 20% for the week after losing important support for $ 214.
- Whale transfers and taking a profit have added pressure, with large holders moving large quantities of Sol to exchanges.
- Technical indicators show support of around $ 185, with potential rebound goals for $ 202, $ 210 and $ 230 as strong purchasing returns.
Solana Price trades nearly $ 195, a decrease of about 5% on the day after losing important support around $ 214, which extended a sharp retreat of last week’s highlights above $ 240.
The pullback comes in the middle of a broader crypto market that has seen market giants such as Bitcoin (BTC) and Ethereum (ETH) decrease, but the decline in Solana (SOL) is steeper, leaving the token about 20% for the week.
The drop of SOL comes as investors to hurry to take a profit after the recent rally and wider sentiment became risk-off. Unclean facts Shows whales that have moved significant quantities of token to exchanges, so that the sales pressure is accelerated.
As it is actively traded lower, the focus of the market is on whether buyers will intervene or whether further liquidation could deepen the decline by large holders.
Will Solana Price bounce back?
Technical indicators show that Solana is just above a crucial support zone of $ 185, with recent price action that shows that sellers may have more on steam after the heavy sale. The relative strength index (RSI) is approaching over -sold territory, indicating that Beararish Momentum can slow down and a bouncer is possible.
However, the advancing average trends tell a mixed story. Shorter averages have fallen sharply as bears dominate, but averages remain intact in the longer term. A drop below $ 185 could open the road for deeper losses to $ 170 or even $ 156.
At the top, a movement over $ 202 could recover a positive sentiment, with resistance to $ 210 and $ 230 identified as the following important goals if buyers win back control. For the time being, the technical attitude of SOL indicates that a quick rebound is possible if support is the case and is supported by renewed purchase interest and positive market catalysts.
