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Solana Bearish Pressure Mounts: Can SOL Price Drop to $60?
- Solana price has dropped 13% in 7 days, testing key support between $120 and $145.
- Analysts warn of a possible drop to $60, seeing a 'dead cat bounce' in SOL price action.
- Trading volume fell by over 16%, indicating weakening market participation.
- $60 is projected as a bearish target if trendline support fails in upcoming sessions.
- Market observers are closely monitoring key support levels for SOL's next major move.
- Technical analysts point to concerning signals for Solana in the current market environment.
- Solana has been trading within an ascending trendline at risk of breakdown, according to analysts.
- Analysts expect more downside for SOL, with a potential drop to $60 from current levels.
- Solana is testing crucial support zones between $120 and $145, with a breakdown likely triggering accelerated selling pressure.
- Trading volume decline coupled with falling prices indicates continued weakness for SOL.
- Veteran trader Matthew Dixon adjusts his strategy, setting a dollar-cost averaging target of around $130 for initial purchases.
- Current market data confirms the bearish outlook on SOL as prices decline and volume decreases.
- SOL price sits at $144.84, showing a 3.17% decline in the past 24 hours.
- Market participants anticipate whether SOL can maintain support levels or drop to $60 based on broader market conditions and sentiment.
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