Top Reason Why Solana (SOL) Price Is Down Today
The cryptocurrency market has been bearish for four consecutive days, impacting top tokens like Bitcoin and Ethereum. Solana (SOL) has also lost its bullish momentum, erasing weekly gains and dropping 7.83% in 24 hours with a trading volume of $3.523 billion. This week, SOL has fallen about 13%, indicating a negative short-term outlook.
Despite a 32.06% rise in the past weeks, SOL couldn't maintain its value above $190. Increased selling pressure and market volatility are the main reasons for the drop.
Technical indicators suggest further bearish trends, with the SOL price potentially hitting $155 if the downturn continues. However, a market reversal could see SOL targeting $181.50 and possibly reclaiming $200.
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