- Solana falls to $142 with a 4% loss.
- SOL has faced $20.12 million in liquidations in the past 24 hours.
Though US President Donald Trump signed an executive order to create a Strategic Bitcoin Reserve, BTC retraced back to its low. The action was supposed to improve the market sentiment but failed as the government would not acquire new Bitcoin.
Anatoly Yakovenko, the Solana co-founder has expressed skepticism over the idea of a US crypto strategic reserve, saying that his first preference would be to have no crypto reserve.
The Solana price has shown a mix of upticks, declines, and key support retests. With the SOL price bouncing between support and resistance levels, traders are watching for a potential breakout or another dip.
Notably, Solana has plunged by over 4.29%, with a 72.42 billion market cap. At press time, SOL trades at $142.55. The intraday trading price of the altcoin is noted at $135.72, slipped from a high of $149.53.
Furthermore, Solana has witnessed a 24-hour liquidation of $20.12 million, as per Coinglass data. Consequently, the daily trading volume of SOL has reached $4.66 billion.
Can Solana Reverse Its Losing Streak?
Assuming the active downtrend forms a death cross, the price of Solana could steeply fall and test the $133.16 support. A drop below this range might accelerate losses, pushing the price closer to the $120 mark.
On the upside, if Solana jumps to the $148 level, the altcoin could target its crucial resistance at $156.77. Overcoming this resistance level could set the stage for the altcoin to potentially climb toward $170.
Additionally, the Moving Average Convergence Divergence (MACD) line and the signal line are settled below the zero line. This infers the bearish crossover with the possibility of continued downside pressure.
The Chaikin Money Flow (CMF) indicator is found at 0.06 signals more inflows than outflows but doesn’t confirm a bullish trend. In the meantime, the altcoin’s daily trading volume has increased by over 7.45%.
Solana’s Bull Bear Power (BBP) value of -2.24 suggests strong bearish momentum in the market. The asset’s market sentiment rests in a neutral to slight bearish zone, as the daily relative strength index (RSI) stays at 47.40.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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