Solana ($SOL) is currently trading at $170.95, experiencing a decrease of 5.41% ($9.77) since the previous close. During the day, the price has moved between a low of $169.22 and a high of $181.85.
In the last 24 hours, SOL has decreased by 5.6%, from $184.05 on May 14 to the current $170.50.
🔍 Technical Analysis and Outlook:
* Elliott Waves: A bullish potential towards $360 is seen, but a daily close below $172 could indicate a deeper correction.
* Forecast for May 2025: A price range between $167.53 and $189.78 is anticipated, with an expected average of $178.66.
⚠️ Influencing Factors:
The decline of Solana aligns with a widespread correction in the cryptocurrency market, where even Bitcoin has dropped below $103,000, generating selling pressure on altcoins.
📊 Summary:
Solana is under selling pressure, but technical analysis suggests a possible recovery if the current supports hold. Investors are advised to closely monitor price action and make informed decisions based on technical and fundamental analysis.
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