Solana Price Analysis:
Why is SOL Struggling Below $200?
Solana (SOL) is currently experiencing a prolonged consolidation below the $200 mark, facing several challenges that are keeping it in check.
1ïžâŁ Weak ETF Approval Odds:
With only a 3% chance of Solana's ETF being approved in 2024, institutional demand remains low. This lack of institutional interest hinders SOL's potential to break through the $200 barrier.
2ïžâŁ Declining Development Activity:
Since August 2024, development activity on Solana has dropped significantly, signaling a slowdown in innovation. This decline can deter engagement and impact overall market sentiment.
3ïžâŁ Intense Resistance Zone:
SOL has struggled to surpass the $200 psychological level for over six months, with repeated failures indicating strong selling pressure.
While the recent rally from $127 to $147 suggests some bullish sentiment, the overall outlook remains cautious. Key support levels, especially around $129, are crucial to watch. A break below this could lead to further selling pressure.
Will Solana find the momentum needed for a breakout?
Stay tuned!
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