Solana on Solo Market Correction
Solana fell below $130 for the first time since September 2024 and is down almost 21% for the week.
Market action highlighted a new low below $100 is on the cards if two important indicators on SOL’s daily chart complete a bearish crossover. A “death cross” approached the 50-day and 200-day exponential moving averages, which has historically been a warning sign for most crypto assets.
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Bitcoin’s decline below $85K marked the end of the Trump-led Solana party. Solana changes hands for $137.5 at publication, reduced activity of traders and investors points to more suffering before strong reversals. Glassnode data indicates that Solana’s total transfer volume fell to $14.57 million this week, from $1.99 billion in November 2024.
The layer 1 blockchain was recently attacked by the cryptocurrency community for supporting fraudulent activities after LIBRA’s incident.
Investors have suffered enormous losses because of new Solana-based memes like Donald Trump’s TRUMP and MELANIA. The declining demand can be explained by fraudulent transactions that have damaged trust in the SOL network.
According to the data analytics platform Santiment, most investors are pessimistic about Solana. Price action affirmed Solana might likely experience mean reversion.
The possibility of a more significant correction for the altcoin may be reduced following a 50% correction. Investors know the SOL token unlocks are coming up, and the event might already be priced in.
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