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🕵️Solana Faces Price Drop 👀
In the past 24 hours, Solana (SOL) experienced a significant price decline, falling below the critical $160 mark. The cryptocurrency’s value dropped by over 3%, now trading at $153. Consequently, Solana’s market capitalization has decreased to approximately $70.85 billion, making it the fifth-largest cryptocurrency. Despite this decline, Solana’s 24-hour trading volume surged by 65%, reaching $2.41 billion, indicating heightened market activity.
Is There an Upswing on the Horizon? 💥
Throughout the past week, Solana has been under persistent downward pressure, marked by lower highs and lower lows. The altcoin has fluctuated between $175 and $150, struggling to establish a stable support level. This downtrend has caused a 7% value drop over the last seven days, raising concerns among investors.
In response, the Solana team has rolled out Mainnet Beta v1.18.15 to enhance network performance and urged validators to update their systems
What Do Technical Indicators Say?
The current market correction signals that Solana might break past the $160 resistance level, potentially reigniting upward momentum. If SOL sustains this rise, it could target $170, setting the stage for a possible approach to the $200 resistance level in the short term.
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