Currently, the cryptocurrency market is facing pressure from bears, reflected in the prices of major assets. Solana, in particular, shows slight decline.
Market Overview
With neutral sentiment in the cryptocurrency market, major assets, including Bitcoin (BTC) and Ethereum (ETH), are on a downside. Bitcoin trades at $107K, while Ethereum is at $2.4K.
Solana's Standing
Solana continues its downward streak, failing to move above the $150 mark. In the last 24 hours, SOL has shown a modest drop of 1.03%, starting the day at $144.19 and eventually dropping to $137.79 due to bearish market pressure. Currently, Solana trades at $142.15 with a market cap of $75.97 billion and an 8.45% increase in trading volume to $3.49 billion.
Technical Analysis and Forecasts
Technical analysis indicates that the MACD line is near the zero line, suggesting weak momentum and a potential bearish crossover. The Chaikin Money Flow (CMF) indicator at -0.08 indicates moderate selling pressure in the market. The daily RSI for Solana is at 49.30, signaling a neutral zone. If bears strengthen, the price could drop to significant support at around $141.90.
At this moment, Solana is under bearish pressure, but changes may occur depending on future market dynamics. Monitoring technical indicators will aid in understanding potential price movements.
