Today, the price of Solana has dropped by 11.68%, marking new multi-week lows in the market. Market participants are curious about the future prospects of this coin.
Solana Price Decline
The current price of Solana stands at $115.21, with a trading volume of $6.58 billion over the past 24 hours. The significant drop occurred following Trump's tariff announcement, reflecting rising investor distrust in blockchain technology.
Technical Analysis and Predictions
Solana's price has fallen below the crucial support level of $127, trading at a three-week low of $112.48. The MACD shows a rising red histogram on the daily time frame, indicating bearish sentiment. The cross EMA of the 50/200-day also records a consistent downtrend.
Future of Solana: Should We Expect a Rise?
If bearish sentiment continues, Solana could retest its important support zone at $110. Conversely, if a bullish trend reversal occurs, the price might reach the resistance level of $127 in the upcoming weekend.
The current situation in the Solana market requires investor attention. The upcoming days may significantly impact the price movement.
