🚨 $SOL /USDT Dips Below $192 – Is This the Bottom or More Downside Ahead? 🚨
Solana ($SOL ) is currently trading at 191.11 USDT, down 5.13% in the last 24 hours, with a high of 204.06 and a low of 190.80.593f34 This follows a broader 18-20% weekly decline amid weakening network activity and user engagement on the Solana blockchain.52e6644807fa
Key factors contributing to the drop:
Bearish technicals: $SOL failed to break the $250 resistance, showing divergence on daily charts and now testing supports around $190-195.c3ac3d035ed3
Market pressures: Record open interest at 72M SOL but declining prices suggest potential pullback to $120-150 range due to deleveraging and profit-taking.40ad02a8d45780d1cc
External events: The collapse of Sol Strategies is raising fears of a large SOL sell-off, adding heavy pressure.e34a57 Plus, broader crypto selloffs and rotation to assets like $BNB are impacting SOL's momentum.3e9bda
On the flip side, upcoming ETF decisions in October could spark institutional interest and a rebound if approved.95317f2a2903 Ecosystem growth continues with new token launches, but sentiment remains cautious.95e9f1
What do you think – buying opportunity at these levels, or wait for more clarity? Share your TA below! 📉📈