NEWSLETTER
Solana has been under intense sales pressure since it reached its historical maximum at the end of January. The price has struggled to recover the impulse, facing a negative feeling as the meme coins market continues to decrease, which significantly impacted the Solana ecosystem. Analysts suggest that the speculative trade of memes coins is one of the main reasons why Altcoins, including Sol, has had a lower performance compared to bitcoin.
The cryptographic analyst Jelle shared a technical analysis in x, highlighting that the Sun/btc torque is broken down from a key support level. However, Jelle also pointed out that there are still 2 days and 15 hours before the candle closes, which means that the final result remains uncertain. If the breakdown is confirmed, Sol could see more decreases against btc, pointing out a continuous weakness in the Altcoin market.
Solana's yield has been closely linked to the speculation of memes coins, which initially fed its increase, but is now driving at low pressure. The next few days will be crucial to determine if Sol can claim key support levels or if expected below. Investors are closely observing btc's domain and Solana's ability to stand firm as the widest market seeks clarity about the role of Altcoins in this cycle.
Solana faces a great test
Solana is now quoted at its lowest levels since November 2024, effectively erasing all profits from the demonstration after the elections. Once a leader who overcame many in the market, Solana is now struggling to recover the impulse amid a broader mass sale. The speculation of the meme currency, which was once a catalyst for its meteoric increase, has become an important risk factor, contributing to the sustained sales pressure and increasing concerns about the long -term sustainability of the network.
This change in the feeling of the market was inevitable, since speculative frantic are often in important corrections. Memes currencies, which had driven the volumes of record transactions and the high network activity, are now considered a liability instead of an asset. Many investors who came in the high -risk meme coins trade have left the market or face significant losses, which has led to reduced liquidity and a greater decrease in prices.
Jelle shared <a target="_blank" href="https://x.com/CryptoJelleNL/status/1891780605525836151″ target=”_blank” rel=”noopener nofollow”>An analysis in xrevealing that Sol/btc is breaking from a key support level. However, he warned that the 3 -day candle still has 2 days and 15 hours before closing, which means that a decisive breakdown is not yet confirmed. He also pointed out that while the price action seems weak, a bull divergence blocked in support could still occur if buyers intervene aggressively before closing.
For now, Solana remains at a critical situation, and the next few days are expected to be fundamental to determine its short -term trend. If the Bulls manage to defend key support levels, you could follow a recovery rally. However, if the sale pressure persists and trust is still low, Sol could experience below, extending its correction phase.
Sun Proof of new demand levels
Solana is currently traded at $ 168 after establishing a new low low around $ 163, indicating that bears still have the short -term advantage. Bulls are now testing a new demand at this level, and must exceed the price above $ 170 as soon as possible to maintain the upward structure. This level will serve as a key resistance in the short term, and claim it would be the first step towards a recovery rally.
If Sol does not remain above $ 170, the risk of mass correction increases, with the next key support zone around $ 150. A continuous bearish trend could expose the Sun to deeper losses, especially if the broader feeling The market remains bassist.
However, a successful brand of the $ 170 brand followed by a break above $ 190 in the next few days would be a strong resistance signal. A movement above $ 190 would suggest that bulls are recovering control, preparing the stage for a possible thrust towards the supply zones of $ 200 and more.
Outstanding image of Dall-E, TrainingView graphics
