Solana maintains the declining direction, as the data on the chain indicates an increase in the pressure of this altcoin process to $ 140.
Solana continues to surrender the gains that were achieved in 2024 Q4 at a time when one of the digital assets is tested at the market level. The slip of 38 % of Sol witnessed a review of the price scale in October 2024.
Driving on the data on the series shows that Solana faces high sales pressure, by chance because she faces a sharp decrease in DeX sizes and transport.
Solana drowns more
While Solana has organized a rare recovery of 4.5 % over the past 24 hours, it still decreases by 17 % in her seven -day race. SOL surrendered 40 % of the maximum market to sit at $ 70.4 billion. The loss in the value of Sol raises concerns about the extended downward trend.
Market scheme Ali Martinez Reports The data on the chain indicates an increase in the state of fear among investors, with a net profit/loss measurement that shows an increase in the sale pressure. In addition, the analyst note A sharp decrease in the volume of Solana’s transfer, which was $ 14.6 million, from $ 1.99 billion in November last year.
Moreover, the decentralized stock exchange sizes (DeX) has decreased by 30 % in the past seven days, as it tested the lowest level witnessed in October 2024. The open interest of Sol Futures decreased from $ 8.5 billion on January 19 to $ 4.1 billion on February 27, per Coinglass data. The decline depicts low trading confidence.
The market analysts attribute the dull trend to the faded noise of metal currencies in the wake of the pump scheme and unloading the controversial scale, which is characterized by Argentine President Javier Miley. The president faces a defrauding alleged to promote a deceptive encryption project that evaporates billions of value as it collapses within hours of launch.
Fullly coin metallic noise coincides with capital flows in the codes based on Sol turning into negative. Glassnode data indicates that there is no new liquidity.
Reasons for decline
The decrease in Solana coincides with the decrease in bitcoin to less than 88,000 dollars, as analysts attribute the free fall to many macroeconomic factors.
The sharp fall is related to President Donald’s announcement of the 25 % tariff targeting imports from Mexico and Canada. This is an increase in inflationary concerns, thus exacerbating the fluctuation in the encryption market.
The decrease at the market level is inevitable as the sector of $ 1.5 billion addresses. The attack on the exchange of encryption is linked to the Lazaros Group, under the auspices of North Korea. The size of the exploitation of cold assets has affected the investor confidence in the digital assets sector.
The market’s feelings about the SOL ecosystem seem to be vibrated by the news of Excination Crypto Exchange that now ended to cancel the 11 million Sol lock, which is estimated at a billion dollars in March. This adds to the pressure from the Fiasco Meme Coin, with reports on trading from the inside and cooperation aimed at defrauding the inventors, which increases the negative bias.
Sol price track
The Solana Prices for each average medium rapprochement (MACD) shows a deepening extreme intersection. MacD formations are in line with the graph that maintains the red straps to clarify the increase in the declining momentum and long processes in the absence of a strong upper stimulus.
In addition, the RSI is located for this altcoin in 33.02, which means it is located inside the sale area. This means that Sol sale has reached extreme levels. However, merchants should be careful because RSI can be stuck in the excessive sales zone for the extended spelling during strong declines.
Martinez’s encryption analyst considers that the formation of right and expansion expands in the chart for 3 days from Sol. The current price is within this composition, and it approaches decisive support at $ 130. The analyst notes that failure by bulls in defending the level of $ 130 can lead to an additional drop in about $ 65.
Analysts warn that Seoul may struggle to restore the lost land if it fails to face a bullish catalyst to make purchase sizes. The situation makes it possible to decrease to the price point of $ 120.
