Journalist
Posted:
- Sol has fallen nearly 38.74% in recent months.
- With Solana who experiences strong bearish sentiments, see analyst a dip up to $ 65.
The last day, Solana [SOL] has experienced a sharp decline and has a low 5 months of $ 131. This decrease extends a bearish trend of a month where SOL has seen that SOL has made considerable losses on its price charts.
At the time of writing, Solana traded at $ 141, which marked a decrease of 38.74% in the past month.
In the midst of this decrease, the market capitalization of Solana has also fallen to a lowest point in 5 months of $ 69 billion. This persistent decline has left important stakeholders who discuss the future trajectory of Altcoin.
As far as the popular crypto analyst Ali Martinez has presented a potential dip up to $ 65.
Market sentiment suggests …
In his analysis, Martinez noted that Solana seems to form a rectangular rising widening pattern.
This pattern usually signals the growing market volatility and potential for strong price movements. The pattern consists of higher highlights and horizontal support, which forms a growing wedge shape.
A infringement under this pattern can lead to a competitive drop.
Source: X
That is why Martinez noted that if Solana breaks under the support level of $ 130, this could lead to a strong Bearish movement, where SOL touches a low point of $ 65.
Sol will send Sol to a low -point low, a price level witnessed in December 2024.
Is Solana set for a further dip?
According to Ambcrypto analysis, Solana is currently in a strong bearish phase. The prevailing market conditions pose Sol for further losses on its price diagrams.
Source: TradingView
Solana’s Relative Strength Index (RSI), for example, has fallen to reach over -sold territory at 26. Such a fall in RSI suggests that Solana is currently experiencing a strong sales pressure, in which sellers dominate the market.
This dominance is further validated by CMF, which has remained negative for the past three weeks.
Source: Artemis
Moreover, the total value of Solana (TVL) has been in a free fall and fell to a low -three -month low of $ 7.3 billion. Such a decline of TVL means that few users are currently working on the Solana network.
Most users therefore transfer funds to Stablecoins because they anticipate further price decrease, which is a reflection of strong bearish sentiments.
Source: Coinalyze
This decrease in market participants is further confirmed by a strong decrease in aggregated open interest. This means that investors have lost confidence in the market and are currently close positions to reduce their losses.
Simply put, Solana is currently experiencing a strong downward pressure, and with bearish sentiments that are acting on the market, Sol could continue to dive.
Therefore, if the prevailing market conditions are in force, Sol will find the following support around $ 128. However, if a trend turns here, the Altcoin will first reclaim $ 155.
