Irmaπ Solana Price Suffers Amid Global Instability π
Last week, Solana (SOL) experienced a significant drop to $120 amidst rising geopolitical tensions and Bitcoin's decline to $61,000. The market turmoil kept SOL oscillating between support at $120 and resistance around $150.
π Bullish Momentum Sparks Interest
Despite recent challenges, SOL has shown signs of recovery, surging to $141 with a 4% increase in trading volume, indicating renewed interest from traders. The upward movement suggests potential for further gains, with eyes set on the $200 mark.
π Technical Challenges and Investor Strategy
SOL faces resistance below key moving averages, suggesting a need for substantial momentum to validate a bullish trend towards $200. Investors are advised to monitor support levels at $130, $120, and the 200-day EMA (currently at $107) for potential entry or dollar-cost averaging (DCA) strategies.
πΌ DeFi Concerns Impact Solana's Outlook
Solana's decentralized finance (DeFi) sector has seen declining total value-locked (TVL) volumes, reflecting reduced investor confidence in SOL's future value. The decrease in TVL highlights ongoing challenges within the ecosystem despite recent price movements.
