Solana below $150, crashes 20% in 7 days: Is SOL staring into the void? Solana [SOL] took a heavy hit during the recent market crash, with its value dropping by double digits.
Now, the situation worsens as SOL's price plunges below a crucial support level.
According to CoinMarketCap, SOL has tumbled over 20% in just one week, with a 6% drop in the past 24 hours alone.
At present, SOL is trading at $142.9, but its market capitalization still stands strong at over $63 billion.
To add to the misery, trading volume has surged by more than 70%, confirming the downward trend.
Bearish sentiment looms as SOL's Price Volatility spikes and Weighted Sentiment remains low.
On the bright side, SOL's popularity remains intact with high Social Volume.
However, things look grim as support near $150.99 is tested and Solana's value dips further.
Analysts suggest that if SOL fails to find support at $130, it could drop even lower to $120 before any bullish signs emerge.
Technical indicators show mixed signals, with MACD leaning bearish but RSI and CMF hinting at a possible reversal.
Derivatives market activity offers some hope as Open Interest declines alongside the price, potentially signaling a shift in trends.
Solana's Funding Rate also drops, indicating derivatives investors are cautious about buying at current lows.
