Solana Price Drop 6%, Ready to Test $174 Support Again
Solana price don drop by 6% for last 24 hours, make SOL be di worst performer among di top 10 cryptocurrencies by market cap. Di whole crypto market lose almost $200 billion as Bitcoin (BTC) fall from dia recent all-time high and Ether (ETH) slide below $4,300. SOL dey risk to test dia key $174 support level again as technical indicators dey turn bearish on di four-hour chart. Di RSI don dip to 37, near oversold area, while di MACD don cross enter negative side, show say di selling pressure don increase. Even wit dis drop, SOL still be di sixth biggest crypto but e market cap fit fall below $90 billion if di sell-off continue. If e break below $174, e fit make e go back to di low of $155 wey dem record earlier dis month. But if market recover, Solana price fit reclaim di $209 resistance and fit even try challenge $250 if di bullish run continue strong. Traders suppose dey watch di $174 support level and di general market feeling to sabi wetin fit happen next to SOL price.
Bearish
Solana price dey drop 6% and e near im $174 support zone during we dem dey sell market $200 billion, e show say market fit go down. Technical signs dem confirm say sellers dey push: RSI dey near oversold level, and MACD don enter negative area for four-hour chart. Before this, when SOL break $174 support for March, e try test lower level near $155, wey make more stop-loss orders trigger. If e break again like that, decline fit quicken, make short-term traders reduce their risk some more.
For short-term, traders go stay cautious, dem go dey watch $174 and $155 levels for possible bounce or new breakdown. But, any relief rally need Bitcoin and Ether strong well well to make people believe again. For long-term, recovery of Solana price depend on overall market feeling and network development. Until SOL take back key resistance levels like $209, risk of more selling still high. So, the current price action match with bearish view.