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NOIDA (CoinChapter.com) — Barron Trump posted “hi Solana” in a now-deleted tweet, sparking a whirlwind of speculation in the cryptocurrency world. Solana (SOL) has been navigating a volatile January. The token recently experienced a 3.8% price dip over the past 24 hours, trading near $240. Despite this, Solana has shown resilience, which is backed by strong developer activity and increasing NFT adoption.

The tweet drew immediate attention, raising questions about its implications for Solana’s market position. The blockchain has faced scrutiny over network outages and competition from Ethereum Layer-2 solutions. Yet, high-profile mentions such as Barron Trump have the potential to reinvigorate interest in the ecosystem. As speculations swirled, the tweet’s deletion added another layer of intrigue, leaving many to wonder about the reasons behind it.

Barron Trump Posts Hi Solana, But later Deletes It 

Barron Trump’s casual “hi Solana” tweet sent ripples through the crypto community. It immediately caught the attention of retail traders and enthusiasts, many of whom speculated about his intent. While the tweet was short, its timing and association with the Trump family added a unique dimension. Social media platforms lit up with discussions, with some viewing it as an endorsement and others as a sign of broader interest in Solana’s ecosystem.

Barron Trump’s post on X saying Hi Solana certainly made ripples.

The tweet’s potential to influence Solana’s price cannot be overlooked. Trading volumes surged within hours of the post as investors speculated on Barron’s message. Some interpreted it as a signal for future developments, while others believed it might attract mainstream attention to the token. However, the excitement was short-lived as Barron deleted the tweet within hours, raising eyebrows.

The reasons for the deletion remain speculative. It is possible that Trump deleted the post to avoid allegations of market manipulation, especially given the influence of the Trump family. Others suggest avoiding legal or regulatory scrutiny may have been a precaution. Additionally, the deletion may reflect Barron’s attempt to avoid undue media frenzy or unintended financial implications. Whatever the motive, the tweet has left a lasting impact, underscoring the outsized influence of high-profile figures on cryptocurrency markets.

SOL Price Caught In Bearish Pattern

The SOL USD pair has formed a bearish technical setup called the ‘rising wedge pattern.’

Two converging upward-sloping trendlines characterize the pattern. This pattern is a bearish reversal indicator, typically signaling weakening bullish momentum. The structure forms as the price consolidates upward, with the trading range narrowing over time, accompanied by declining trading volume—a key sign of reduced buying pressure.

The SOL USD pair formed a bearish technical pattern. Source: Tradingview

If the price breaks below the lower trendline, it could confirm the bearish setup, with the likely target being the pattern’s height projected downward. This would align with a potential retracement toward the $81 support level, a 66% downside pattern. Conversely, a decisive breakout above the upper resistance trendline would invalidate the pattern and suggest continued bullish momentum.

SOL USD daily price chart with RSI.

Meanwhile, SOL price has been in a 3-day long downtrend, dropping over 22% from its recent ATH of $295. However, after Barron Trump posted “hi solana” on Jan. 21, the influx of buyers helped the token recover most of its losses.

If the bulls manage to start a rally, the Solana token would have to face the resistance near $252. Breaking past the immediate support would provide SOL price with the impetus to reach the resistance near $277, also invalidating the bearish setup.

Conversely, a continued downtrend would likely see the bulls defending the support levels near $216 and $194.

The RSI for SOL price remained neutral, with a score near 62.06 on the daily charts.

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