A naukri.com initiative
Coin Telegraph
2d
372
Image Credit: Coin Telegraph
Why is Solana (SOL) price down today?
- Solana's native token, SOL (SOL), has dropped over 4.50% in the last 24 hours, reaching around $150 on June 17.
- The ban on Solana-based memecoin launchpad Pump.fun by X and lower risk appetite due to Israel-Iran conflict and Trump's G7 remarks have contributed to SOL's decline.
- The suspension of Pump.fun has led to a sell-off in Solana's memecoin sector, impacting SOL's price negatively.
- Geopolitical tensions have triggered a flight from risk assets, including SOL, causing price drops across major US stock indexes.
- Solana is currently trading within a bearish descending triangle pattern, indicating a potential 25% drop in price.
- The descending triangle pattern is a bearish reversal sign, showing weakening buying momentum for SOL.
- Technically, SOL was rejected near its 50-day exponential moving average (EMA) at around $156, adding to short-term selling pressure.
- A breakdown below the triangle's support level could lead to a sharp drop towards the $110-$115 range.
- This article does not provide investment advice and recommends readers to conduct their own research before making any financial decisions.
Read Full Article
22 Likes
For uninterrupted reading, download the app