The post Solana Falls 20%, Faces Crucial Support Test After Weekend Rally appeared on BitcoinEthereumNews.com.

Solana (SOL) surged 30% after Trump’s announcement but dropped 20% in the last 24 hours. Bearish indicators dominate as SOL tests key support at $131.89, with next support at $121.74. Solana (SOL) increased 30% on Sunday after President Donald Trump announced that it would be part of the US crypto reserve. The announcement sparked a bullish rally in the crypto price surging it to the level of $180. However, the gains appear to be fading, as the SOL price has dropped by almost 20% in the last 24 hours. Bears ate all the gains and the SOL price is now testing a key support level of $131.89. In the 4-hour time frame, the price surged to the level of the 200-day EMA but failed to break it and fell below the 50-day EMA level. While on the daily time frame, a death cross is visible between the 50-day and 200-day EMAs showcasing bearishness. According to CMC data, currently, the SOL price is trading at $137.82 with an intraday decline of 20%. The 24-hour trading volume is $9.5 billion and the market cap is at $2.35 billion. The community sentiment is 84% bullish and 16% bearish. What Next In Solana (SOL) Price? Indicators are showing bearish signs. Key EMAs constructed a bearish cross. The RSI curve took a reversal from the median line heading in the bearish zone currently at 38.14. MACD is also hovering in the bearish territory indicating bearish signals. Moreover, the trading view technical summary also supports the bearish outlook. As per the technical summary for Solana, out of 25 indicators, 15 are on the sell side, 10 are on the neutral side and none are on the buying side, suggesting strong bearishness. Solana price analysis indicates bearish signals. Major indicators are in the bearish territory suggesting bears…

---

Filed under: News - @ March 4, 2025 10:27 am