The Solana (SOL) currency is experiencing significant declines, with the price dropping to $130.03 according to the daily chart. The price has broken through the moving supports MA5, MA10, and MA20, reflecting strong selling pressure. After reaching a peak of $187.64 in May, the price has gradually declined with weak positive momentum.
Key technical points:
The current trend is bearish, with the possibility of a continued correction towards the $120-115 range unless a clear rebound appears.
Trading volume is rising during red candles, indicating the strength of sellers.
The moving averages (MA5, MA10, MA20) are crossing negatively, signaling the continuation of the bearish trend in the near term.
Influential news:
The recent SEC focus on infrastructure-related cryptocurrencies may put pressure on Layer-1 projects like Solana.
Despite recent positive partnerships, the market is reacting more strongly to regulatory concerns.
Proposed strategy:
Do not enter a buy position currently, and wait for the formation of a daily or weekly reversal candle with technical confirmations.
Expected strong support: $120 and $112.
Current resistance: $144 then $149 (MA20).
Short-term investors can adopt a reversal trading strategy after confirming a rebound.
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