Cryptocurrency market struggled a lot this week. Bitcoin was the biggest crypto to shock the industry when it fell below $90,000. A host of other assets were also affected. One of the worst hit sectors is SolanaSOL has dropped below 140 dollars, but will it be able to recover in the short term?
Much of the movement in this asset class will be determined by market sentiment. The asset class has been affected by rising geopolitical tensions, economic insecurity and increasing geopolitical uncertainty. Its reversal may be attributed to the positive mood that has been prevailing in recent weeks. Can this truly bring Solana to the most impressive levels of recent months?
You may also like: BlackRock Speaks on a Solana ETF: Why It May be Bad for SOL
Solana’s Price Continues to Fall: Here is How SOL Could Rebound from $138 Drop
Solana’s performance has traders concerned. According to, the sixth-largest crypto in terms of market capital has dropped more than 40 percent over the past 30 days. CoinMarketCap. The price has dropped 50% from the $295 high set by January.
The asset’s ability to turn the tide in the near future is the focus of all eyes. The prospect of this happening does not seem very probable, however, given the negativity surrounding a number of cryptos. Is there hope that SOL will rebound from its continued decline below $140?
You may also like: Solana ETF Gets 70% Approval Odds: Can It Push SOL To $300?
It is important for Solana to be prepared for the possibility of a quick turnaround. The asset currently stands at $138, a critical support level as it is at its lowest point in five months. Some believe that it could stabilize between this level and $161. If it drops further, the asset could fall to as low as $131.
To break the barrier and turn it around, the price will need to move above the $168 mark. It could be a way to reverse the downtrend. Continued US policy changes in the crypto space could give it a big boost. As an alternative, the possibility of Solana being included in any ETF for various cryptocurrency could help to drive its price upward.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
