Solana Drops to $130 Amid Weak Demand and Low Volume
The Most Important Points at a Glance
Solana (SOL) is facing a critical phase. The price has dropped to $130 – the lowest level in five months. A technical indicator signals a possible trend reversal, but trading volume has declined significantly. Can Solana recover, or is a further drop imminent?
Solana Under Pressure: Price Decline and Weak Demand
Solana has lost over 30% of its value in the past four weeks. The drop below the $200 mark increased selling pressure, pushing the price down to $130. This area is considered a key support zone, as buyers have historically stepped in at this level.
However, market conditions remain uncertain. Trading volume has plummeted by 61%, indicating low buying interest. Without a clear trend reversal, Solana could continue to decline.
Technical Indicators and Market Sentiment
A glimmer of hope comes from the TD Sequential indicator, which has issued a buy signal. This tool is used to identify potential trend reversal points.
Additionally, Bitcoin’s (BTC) sideways movement could lead investors to shift into altcoins, which might benefit Solana. However, overall market sentiment remains cautious.
Will the $130 Level Hold?
Despite the buy signal, demand remains weak. The expected “buy-the-dip” reaction has not materialized so far, and the SOL/BTC price has reached a two-year low. This suggests that investors are currently hesitant to buy Solana.
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Another warning sign comes from the open interest (OI) sector. While the OI value has slightly increased to $3.95 billion, past movements show that sudden selling pressure can quickly lead to significant price losses.
Our Assessment
Solana is at a crucial point. The $130 level could serve as support, but weak demand and low trading volume are concerning. If market sentiment does not improve, further declines are possible.
Investors should closely monitor developments. A sustained recovery is only likely if buying interest returns and overall market conditions stabilize.
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