Solana (SOL) is currently trading at its lowest level in 4 months, with a 5% drop in the last 24 hours and a 45% correction over the past 30 days.
The downward trend has pushed SOL's market cap to $70 billion, with indicators like the Ichimoku Cloud and EMA signaling further downside potential.
The Ichimoku Cloud for Solana indicates a strong bearish trend, with key levels reinforcing the negative sentiment. The number of Solana whales has shown signs of recovery but remains lower than recent months, suggesting cautious accumulation without altering the bearish outlook.
SOL's EMA lines also depict a bearish setup, with a significant gap between short-term and long-term lines. The wide separation between EMAs reinforces the bearish trend, with potential support levels at $133, $120, and $110 if the downtrend continues.
If Solana manages to reverse the trend, resistance levels at $152, $171, and $180 could be tested. The upcoming $1.9 billion Solana unlock on March 1 is also being closely monitored for its potential impact on SOL's price.
Reference from News: Solana (SOL) Continues Its Freefall as Price Hits 4-Month Low