Solana has been under pressure this week, with its price sliding to $204.45, down 1.79% in the last 24 hours and nearly 17% over the past seven days. Its market cap now stands at $110.91 billion, with $7.81 billion in trading volume over the last day.
Several factors have contributed to Solana’s price drop. First, the technical breakdown below critical support accelerated selling pressure. Second, hype around ETF approvals has cooled, leading to profit-taking after initial optimism. Finally, broader market conditions worsened as $1.7 billion worth of derivative positions were liquidated, amplifying the downside momentum across altcoins.
The recent drop below the 7-day SMA of $229.76 and the Fibonacci 38.2% retracement level of $227.60 triggered stop-loss orders and algorithmic selling. As a result, Solana extended its losses and is now hovering around the $200 psychological mark. This level has become the key level that traders are watching closely.
From a momentum standpoint, the RSI at 28 signals that Solana is in oversold territory, which could attract bargain hunters. However, the MACD histogram at -4.07 continues to flash bearish momentum, suggesting that the selling wave is not yet exhausted.
The intraday range has been narrow, with a 24-hour low of $204.81 and a high of $216.05. A sustained move above $211.78 could open the door for a short-term recovery toward $229.76. Contrarily, failure to defend $200 risks a deeper correction for Solana price toward $187.43, the next strong support zone.
Solana broke key support levels, triggering automated sell orders, while market-wide liquidations added to the decline.
The $200 support is crucial, with resistance at $211.78 and $229.76 if recovery begins.
Yes, the RSI near 28 indicates oversold conditions, suggesting potential for a short-term bounce.
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