Solana’s bearish trend deepens as it breaches the $141 support level, signaling a decline in the overall market. Whale activity has been notable, with significant transfers to Coinbase and Binance. Despite the market downturn, Solana has displayed resilience in the past week. After dropping to a five-month low of $104, it quickly rebounded to $163 within two days, defying the bearish pressure. However, the bears have regained control in the last 24 hours, pushing Solana down to $140.
Last week was a significant period for Solana, as it reached a new all-time high against Ether on August 7. Traders speculated a potential breakout to $200, a level not seen since March. Additionally, Solana achieved a milestone with the approval of its first spot ETF in Brazil, which is expected to launch within three months.
Meanwhile, Solana whales have been making notable moves. Just hours ago, an unknown wallet transferred 200,345 SOL, valued at $31 million, to Coinbase. Similarly, two days ago, another whale transferred 154,912 SOL, worth $23 million, to Binance, indicating significant market activities.
Analysts closely monitoring SOL’s monthly trajectory believe that despite the current bearish sentiment, Solana has the potential to bounce back. However, it may encounter challenges due to ongoing selling pressure. The current Relative Strength Index (RSI) stands at 45, suggesting that the asset is nearing an oversold situation.
What Can We Expect from SOL?
Solana’s recent price action confirms a bearish trend as it breaches the $141 support level, with the 9-day Exponential Moving Average (EMA) at $149.
Looking ahead, if bulls regain control, Solana could initially rise to $163, potentially moving further up to $178. However, if bears overpower, it could retrace to $129 and $103 in a more pronounced decline.
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