Solana Recovers to $147 Following a Significant Price Drop
Despite substantial selling pressure leading to an 8.1% decline, Solana rebounded from a low of $141.75, stabilizing around $147.
Key Takeaways:
- Solana fell 8.1% to its lowest price at $141.75 before bouncing back to $147.40, establishing a new upward trendline.
- The flash sale period, notably at 01:20, was succeeded by a surge in buying activity, hinting at a potential bullish reversal.
- Resistance is observed between $150 and $152, with support seen at $142 due to high trading volumes during the drop.
Price Action
Solana (SOL) felt extreme selling pressure over the prior day, dropping from $154.48 to $141.75 before finding stability near $147.40.
The sell-off primarily stemmed from increasing geopolitical tensions and global trade worries, unsettling risk-oriented markets. Following a brief flash crash, robust buying activity indicated persistent interest in this asset amidst increased volatility.
Technical Analysis Highlights:
- SOL saw a decrease from $154.48 to $141.75, totaling a drop of $12.73 or approximately 8.24%.
- Major volume spikes occurred, with figures reaching as high as 3.14M to 3.37M between 19:00–20:00, breaking previously established support levels.
- The asset rebounded sharply upon hitting $142, establishing a strong volume support zone.
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