Solana’s value has dipped to $136.92, erasing all gains after Donald Trump’s recent declaration concerning cryptocurrency reserves. This decrease, indicating a 3.69% decline over the past day, is linked to increased selling pressure and a drop in wallet activity, raising apprehensions about further losses if crucial support thresholds are broken.
The cryptocurrency has fluctuated between $132.46 and $145.08, battling to regain traction amidst a wider market correction as traders secure profits. Current support is observed between $130 and $135; falling beneath this range could trigger an additional decline towards $120 or below. Resistance is recognized at $145–$150, which must be reclaimed for a feasible resurgence.
Technical indicators expose a bearish outlook. The Relative Strength Index (RSI) is at 37.90, nearing the oversold territory, hinting at a possible short-term bounce if buying enthusiasm returns. However, the Cumulative Volume Delta (CVD) remains negative at -641.25K, pointing to persistent selling activity.
Solana’s market capitalization has shrunk to $69.55 billion, reflecting a 13% decrease. Trading activity has likewise lessened, with daily trading volume dropping 33.02%. On-chain metrics illustrate that daily active addresses have plummeted from 5 million to about 2.7 million, signifying reduced user engagement and potential adoption slowdowns.
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Complicating these obstacles, FTX and Alameda have unstaked 3.03 million SOL, valued at $431.3 million, with part of the assets already moved to Binance. This action hints at the possibility of heightened selling pressure if more tokens are liquidated.
While the recent drops have been considerable, analysts foresee a possible recovery in March, predicting a 6.28% rise to as high as $154.31, with an average anticipated price of $146.83. This follows a significant 35.23% drop in the previous month, suggesting a potential trend reversal if bullish momentum resurfaces.