๐จ Solana ($SOL) Price Update: Recovery on Thin Ice, Bears Eye $110 ๐จ
$Solana (SOL) posted a modest 3.2% bounce in the past 24 hours after dipping below $140 over the weekend. Sundayโs trading saw volumes surge as $SOL approached $125, triggering a brief recovery. But market sentiment remains fragile amid escalating tensions in the Middle East, with U.S. involvement in the Iran-Israel conflict casting a shadow over risk assets.
In the past week, $SOL has slumped 14%, while top $Solana meme coins like $SPX6900 (-34%), $Bonk (-20%), and $Fartcoin (-27%) also faced heavy selling. On-chain data shows a 16.6% drop in weekly DEX volumes on $Solana, signaling waning interest.
๐ $Fear & $Greed Index has plunged to 37 โ โFearโ โ a sharp reversal from 76 just a month ago.
Whatโs Next?
๐น $SOLโs price action has flipped bearish, with $140 โ once key support โ now a critical resistance.
๐น A rejection at $140 could confirm a further drop toward $110.
๐น First level to watch is $125 โ breaking below could accelerate downside momentum.
Technical snapshot (Daily & Hourly):
โ $RSI at 37, bearish momentum dominates.
โ Death cross on short-term $EMAs vs 200-day $EMA.
โ On the hourly chart, a golden cross has emerged between the 9-period & 21-period $EMAs, giving bulls a short-term shot at retesting $140.
โ $128 is key near-term support; a break below could open the path to $125 and beyond.
Trade Idea:
๐ธ Watch for rejection at $140 for potential short setups.
๐ธ Or monitor $128 for a bearish breakout targeting $110.
Stay sharp traders! โก
