Solana (SOL) is experiencing intense pressure as the cryptocurrency market becomes more volatile, resulting in a drop to $96, paralleling Bitcoin's decline.
Market indicators such as BTC.D, ARK, and HIPPO are entering overbought zones, indicating a potential market imbalance and anticipating a significant price swing.
Upcoming key U.S. events, including FOMC minutes, CPI, and PPI, are expected to have a significant impact on the market, contributing to the growing uncertainty.
Solana is currently hovering near a critical support level, and a breakdown could lead to a 32% drop, with potential downside targets as low as $76.