This week, Solana's price has faced a significant decline due to negative factors, including the high-profile scam scandal associated with the Libra project.
Impact of the Libra Scandal
Notoriety in connection with the Libra project scam has adversely affected Solana's price performance. The Libra project was linked to a Solana wallet, reportedly eroding investor trust and resulting in significant financial losses. Amidst this issue, Solana's price dropped 5% on Friday after failing to break the $180 resistance mark.
Effects of Bearish Market Sentiment
Last week, a surge of optimism over potential cryptocurrency ETF approvals helped Solana recover slightly; however, subsequent instability led to a price fall. At the time of writing, Solana is trading at $167.17 with its trading volume down by 32.93%. The price has plunged 35.33% over the last 30 days amid the ongoing downturn.
Solana Price Outlook
Solana briefly found support at the $162 mark, nearing the key support level at $157. Should the price break this level, it could likely decline further to test support at $136. An RSI level of 40 affirms the bearish dominance. However, if bulls manage to push the price over $180, a further climb to $200 is possible.
Solana prices continue to decline due to a combination of negative factors such as the Libra scandal and weak network activity. Recovery is possible if current resistances are overcome.
