Solana breaches $141 support, showing a bearish trend amid market decline.
Whale activity includes significant transfers to Coinbase and Binance.
Solana, one of the leading altcoins, is facing an 8% decline amid an overall bearish market. The total cryptocurrency market cap has dropped by 4%, with Bitcoin, the dominant cryptocurrency, experiencing a similar 4% decline, currently trading at $58,601. Despite the downturn, Solana has shown resilience in the past week. After hitting a five-month low of $104, it quickly rebounded to $163 within two days, defying bearish pressure. However, the past 24 hours have seen the bears regain control, pushing Solana down to $140.
Last week was a significant period for Solana, as it reached a new all-time high against Ether on August 7, with traders speculating a potential breakout to $200, a level not seen since March. Additionally, Solana marked a milestone with the approval of its first spot ETF in Brazil, expected to launch within three months.
Meanwhile, Solana whales have been making notable moves. Just hours ago, 200,345 SOL, valued at $31 million, was transferred from an unknown wallet to Coinbase. Similarly, two days ago, another whale transferred 154,912 SOL, worth $23 million, to Binance, indicating the major market activities.
Analysts, observing SOL’s monthly trajectory, suggest that despite the current bearish sentiment, Solana has the potential to bounce back. However, it may face challenges due to ongoing selling pressure. The current Relative Strength Index (RSI) currently stands at 45, suggesting the asset is nearing an oversold situation.
What Can Be Expected from SOL?
Solana’s recent price action reflects a bearish trend, highlighted by its breach of the $141 support level, with the 9-day Exponential Moving Average (EMA) being at $149.
SOL Price Chart, Source: Sanbase
Looking ahead, should bulls regain control, Solana could rise to $163 initially, potentially moving further up to $178. However, if bears overpower, it could retrace to $129 and $103 in a more pronounced decline.
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