Solana Price Faces Continued Decline Amid Ongoing Bearish Momentum
- Since its previous peak, Solanas price has fallen sharply, and it is now trading at $181.36.
- If the price can break above the $200 mark, it might indicate the beginning of a recovery.
Solana (SOL) price maintained its poor performance by continuing its downward trend inside a tight price channel that it has been following for quite some time now. The whales have taken notice and are considering purchasing the dip as a result.
For days now, the data from Coinshare has shown that whale activity has been on the rise. Solana inflows exceeded $1.7M last week, indicating a change in investor sentiment towards buying the dip. The high level of token trading activity continued this week, therefore the pattern holds. Investors trying to get in before the market likely enters a bull run in 2025 saw the whales participation increase dramatically this week.
Bears in Control
With an all-time high of $263.83 in November, the price of SOL maintained investor optimism for a potential additional climb. When the price of Solana shifted 29% away from that due to the crypto market slump, the whales took advantage of the situation.
Total Value Locked (TVL) has dropped precipitously, which is another reason to be pessimistic about Solanas short-term future. Data from DefiLlama shows that SOL TVL fell 7.7 percent in a single day, from $11.22 billion to $10.35 billion. There was a comparable drop in TVL on August 3 and October 29, after which the prices fell by almost 10% in a matter of days. A comparable price drop for SOL might occur if past events are any indication.
Since its previous peak, Solanas price has fallen sharply, and it is now trading at $181.36 as per data from CMC. If the price can break above the $200 mark, it might indicate the beginning of a recovery that could lead to a push toward the $215 level. But if the price breaks below and stays under $175 for an extended period of time, it might signal the beginning of more drops, with possible support near the $150 area.
Read more: https://thenewscrypto.com/solana-price-faces-continued-decline-amid-ongoing-bearish-momentum/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
