Solana (SOL) has experienced a sharp pullback, sending waves through the broader cryptocurrency market. The coin has dropped below a crucial support level, dragging the overall market into the red.
Price Decline of Solana
As of the time of writing, Solana (SOL) has fallen to $163.71, marking a 5.18% drop in the past 24 hours. Crypto analyst Carl Moon noted that SOL broke below a key support level at $167, confirming a bearish setup driven by a classic double top formation.
Technical Analysis and Key Indicators
SOL has been trading below the middle Bollinger Band, which is now near $172. This level aligns with the 20-day moving average, underscoring the recent breakdown. The MACD shows a bearish crossover, with the MACD line dipping below the signal line, suggesting that downward momentum is building. The RSI currently sits at 46.44, slightly below the neutral zone of 50, indicating gradually gaining bearish sentiment.
SOL Strategies Inc. Positions for Growth
SOL Strategies Inc., focused on the Solana blockchain, has filed a preliminary base shelf prospectus allowing for potential financings of up to USD 1 billion for future expansion. CEO Leah Wald mentioned that the firm has sold its remaining Bitcoin holdings and increased its SOL position to support validator operations, with 26,478.37 SOL tokens currently held.
Solana remains a crucial asset for investors tracking blockchain infrastructure developments, and analysts advise closely watching the $152.76 support level as Solana's next move could shape broader market sentiment.
