$SOL

SOL

127.92

-0.1%

📊 SOLUSDT Steady, But Is This a Dead Cat Bounce? 📊

Even as SOL prices find support at spot rates, one analyst on X remains skeptical of the upward momentum.

In a post, the trader noted that despite recent gains pushing SOLUSDT from $95 to $135, the downtrend persists.

If sellers maintain pressure from current levels and SOL bulls fail to break $130, prices are highly likely to drop below $95, or April 2025 lows, to $65. The analyst added that this is where SOL may eventually find support.

In his analysis, the analyst observed that Solana is retesting a breakout zone. If the breakout is confirmed, sellers could drag the coin to $65.

From a technical perspective, despite trader optimism for SOL to climb back to $295 and align with Q4 2024 gains, sellers remain dominant.

In three months, sellers have fully reversed gains posted in November 2024. The climactic surge, driven by meme coin demand, marked the end of the bullish cycle.

This upward move was fueled by the launch of TRUMP and MELANIA meme coins on Pump.fun, the Solana meme coin launchpad.

#solana #Binance #Write2Earn #WhaleMovements #BinanceAlphaAlert