Solana (SOL) Price Analysis

Solana (SOL) has had a tough week, falling nearly 14% and prices continue to fall in the current trading day. SOL had been very bullish until Tuesday’s rally to $153.86, breaking above the key $150 level.

However, it encountered rejection at the 50-day moving average, falling 8.53% on Wednesday to $140.74 as a broader market correction began. Another sharp drop occurred on Wednesday, with SOL falling more than 9% to $127.85. This decline also caused SOL to fall below its 200-day moving average.

SOL is down 2.50% in the current trading day and is trading at $124.72. If SOL continues to fall, we may see price stabilization around $120, where it finds support. A bounce off this level could push SOL back to the 200-day moving average.

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