AleenaCrypto
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Bearish
Solana analysis!!!
Solana, a major cryptocurrency, has fallen to $138, which is a 53% drop from its highest point this year.
There are some key news items affecting Solana’s price.
First, data shows that Binance is selling its SOL through Wintermute. Wintermute, a trading firm, has taken out $38 million worth of Solana from the exchange.
Second, Solana will unlock 11.5 million tokens, which are worth about $2 billion, as part of the FTX distributions.
Unlocking tokens can lower a cryptocurrency's price by increasing supply and reducing value for current holders. Solana unlocks tokens worth over $5 million every day.
Third, the value of the Solana meme coin market has dropped from $25 billion last month to $8.8 billion. Popular coins like WIF, Fartcoin, and Popcat have lost billions in value.
Also, Solana’s network activity is down, with fewer active addresses. The number of weekly active users has dropped to 81.6 million, down from last year high of 135 million.
The important support level is around $130-$140, with a possible drop to $110, if that fails. Resistance is between $160-$180, matching previous consolidation areas.
For a lasting recovery, SOL needs to get back above $160 to change market feelings in a better way.
Don’t forget to follow the channel...
Thanks...$SOL
#solana #SolanaUSTD #solanAnalysis #marketcrash #solanabasememecoin
Solana, a major cryptocurrency, has fallen to $138, which is a 53% drop from its highest point this year.
There are some key news items affecting Solana’s price.
First, data shows that Binance is selling its SOL through Wintermute. Wintermute, a trading firm, has taken out $38 million worth of Solana from the exchange.
Second, Solana will unlock 11.5 million tokens, which are worth about $2 billion, as part of the FTX distributions.
Unlocking tokens can lower a cryptocurrency's price by increasing supply and reducing value for current holders. Solana unlocks tokens worth over $5 million every day.
Third, the value of the Solana meme coin market has dropped from $25 billion last month to $8.8 billion. Popular coins like WIF, Fartcoin, and Popcat have lost billions in value.
Also, Solana’s network activity is down, with fewer active addresses. The number of weekly active users has dropped to 81.6 million, down from last year high of 135 million.
The important support level is around $130-$140, with a possible drop to $110, if that fails. Resistance is between $160-$180, matching previous consolidation areas.
For a lasting recovery, SOL needs to get back above $160 to change market feelings in a better way.
Don’t forget to follow the channel...
Thanks...$SOL
#solana #SolanaUSTD #solanAnalysis #marketcrash #solanabasememecoin
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.
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