The cryptocurrency Solana has experienced a sharp decline on deteriorating market conditions. An overview of current events and potential scenarios for SOL.
Current Market Situation
The cryptocurrency market is experiencing significant declines, with the S&P 500 dropping nearly 3% over the past few days. The price of Solana has also been under heavy selling pressure, falling below $140, with potential further drops to $122.
Conflicts and Impact on Solana Price
Traders' confidence in Solana has faltered due to escalating meme coin fraudulent cases. Additional pressure is coming from Binance's liquidation of substantial SOL amounts via the market maker Wintermute, amplifying bearish sentiment.
Forecasts and Possible Scenarios
Solana's price has erased most of its gains over the past days, returning to levels not seen since October 2024. Key indicators like RSI and MACD signal intensifying bearish sentiment and a potential for a long-term downtrend if the price fails to hold the support at $119.
The market situation for Solana remains uncertain, with increasing bearish expectations. Critical support levels may define the future price trend of SOL.
