2024

Solana

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-sol-faces-downward-trend-as-market-pressure-mounts/" data-wpel-link="internal">Solana (SOL) Faces Downward Trend as Market Pressure Mounts</a><br></p>
<p style="text-align: justify">The price of the altcoin <a href="https://en.coin-turk.com/solanas-price-surge-indicates-strong-recovery-in-crypto-market/" data-wpel-link="internal">Solana</a> (<strong><a href="https://en.coin-turk.com/max-keiser-predicts-a-major-crash-for-solana-sol/" data-wpel-link="internal">SOL</a></strong>) is facing strong selling pressure below the psychological level of $200. Technical data suggests that a correction of between 10% to 20% could be on the cards for SOL. Investors anticipating a drop could seize a buying opportunity if the $134 level is retested.</p> 
<h2 style="text-align: justify" id="downward-trend-looms-for-altcoin-sol">Downward Trend Looms for Altcoin SOL</h2> 
<p style="text-align: justify">The altcoin SOL price, which has given back half of the gains recorded last week, traded below the $200 psychological level. This downward trend could lead to further corrections in the upcoming days. It seems like altcoin SOL needs to catch its breath.</p> 
<p style="text-align: justify">The cryptocurrency Solana has seen a 1022% increase since September 2023. This remarkable rise is due to <a href="https://en.coin-turk.com/bitcoin-price-soars-as-halving-approaches/" data-wpel-link="internal">Bitcoin</a>‘s bull run and the over-selling of SOL linked to the bankrupt crypto exchange <strong>FTX</strong>. Last week, altcoin SOL recorded its highest weekly gain for the year 2024 with a 39% increase.</p> 
<p style="text-align: justify">However, in the last five days, the price of altcoin SOL has experienced a significant drop around the $200 psychological level and is currently trading approximately 16% lower than the previous week’s closing level.</p> 
<h2 style="text-align: justify" id="key-points-to-watch-for-solana">Key Points to Watch for Solana</h2> 
<p style="text-align: justify">There are key points that could be decisive for investors. Stable support levels could enhance the appeal of Solana. A weekly support at $152 and the midpoint of the previous bear market at $134 are among these supports. However, even though accumulating at the $134 level may seem attractive, the likelihood of such a correction following excessive rises is low.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-332330 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/solana-sol-coin-turk-com-1-1.png" alt="" width="1544" height="828"></p> 
<p style="text-align: justify">If Solana overcomes the $200 psychological level, the likelihood of the uptrend continuing increases, while downturns in Bitcoin, the flagship of cryptocurrencies, could trip up altcoin <strong>SOL</strong>. On the other hand, a decisive weekly candlestick closing below $134 could signal a potential change in trend. This situation could lead to panic selling by weak hands.</p> 
<p style="text-align: justify">However, we must be prepared for the worst-case scenario. If panic selling drives SOL below $100, an 11% drop could initiate a journey towards the $89 support level. Investors should consider such scenarios when forming their strategies and managing their risks. As of writing this article, the price of the altcoin <strong>Solana</strong> (SOL) is trading at $175.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/solana-sol-faces-downward-trend-as-market-pressure-mounts/" data-wpel-link="internal">Solana (SOL) Faces Downward Trend as Market Pressure Mounts</a></h5>

Solana (SOL) Faces Downward Trend as Market Pressure Mounts

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