Solana has been heavily affected by the recent selling pressure in the crypto market, experiencing a significant drop from all-time highs.
An analyst, Bluntz, has noticed bullish divergences in oversold altcoins like Solana, suggesting the potential for relief bounces in the short term.
Solana's price is at a critical juncture with the $100 level being a key support. Reclaiming and holding this level could trigger a recovery bounce, while a breakdown may lead to further losses.
The broader macroeconomic instability and trade war fears have intensified the selling pressure on risk assets like Solana.