Value

Solana

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-faces-significant-decline-in-value/" data-wpel-link="internal">Solana Faces Significant Decline in Value</a> 
<a href="https://en.coin-turk.com/first-time-in-128-days-popular-altcoins-brakes-exploded-may-rapidly-depreciate/" data-wpel-link="internal">Solana</a>’s value dropped by 25% in the last month and continues to stay below key moving averages. This decline indicates that SOL is struggling to break above resistance levels, further weakening market sentiment and suggesting the potential for prolonged price drops. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-with-solana">What is Happening with Solana?</h2> 
Solana’s recent daily chart readings show its price fell below both the 20-day exponential moving average (EMA) and the 50-day simple moving average (SMA) on August 27, and attempts to stabilize above these levels have failed. Currently, SOL’s 20-day EMA is at $147.72, and the 50-day SMA is at $155.74, with SOL trading at $137.86 at the time of writing. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384431 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/sol-2.png" alt="" width="2770" height="1298"> 
The 20-day EMA reflects SOL’s average closing price over the last 20 days, and the 50-day SMA tracks the average closing price over the last 50 days. In a downtrend, these moving averages act as resistance levels, making it difficult for the price to rise above them due to significant selling pressure. 
SOL spent most of the month trading below the 20-day EMA and the 50-day SMA. Although a brief wave of buying pressure on August 24 pushed the price above these averages, the rise was short-lived as profit-taking quickly drove the price back down. Falling below the 20-day EMA and the 50-day SMA reinforces the bearish trend, indicating strong selling pressure and a lack of buying interest to lift the price. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384430 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/sol-veri.png" alt="" width="2770" height="1298"> 
<h2 class="p1" style="text-align: justify" id="sol-chart-analysis">SOL Chart Analysis</h2> 
SOL’s sentiment in the futures market mirrors the bearish outlook in the spot market, with <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> increasingly taking short positions over the past two days. Since August 28, SOL’s funding rate has remained negative, indicating that more investors are predicting further price declines. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-384429 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/coinglass-8.webp" alt="" width="2048" height="570"> 
If the current downtrend continues, SOL’s price could drop to $133.64. If negative sentiment persists, the next target could be $110. On the other hand, if demand revives, SOL’s price could recover and rise to $148.27. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-384428 size-full" src="https://coin-turk.com/wp-content/uploads/2024/08/pepe-grafik-1.webp" alt="" width="2048" height="960"> 
<ul class="Summary"> 
 <li>Solana’s value dropped by 25% in the last month.</li> 
 <li>Attempts to stabilize above key moving averages have failed.</li> 
 <li>Current downtrend could push SOL’s price to $133.64 or even $110.</li> 
</ul> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/solana-faces-significant-decline-in-value/" data-wpel-link="internal">Solana Faces Significant Decline in Value</a></h5>
The post <a href="https://en.coin-turk.com/solana-faces-significant-decline-in-value/" data-wpel-link="internal">Solana Faces Significant Decline in Value</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Solana Faces Significant Decline in Value

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