The post Solana news – Bitcoin’s fall below $90K has THIS impact on SOL’s price action appeared on BitcoinEthereumNews.com.

Solana has been affected by a few bearish updates over the past month Price began to accelerate downwards and sustained selling pressure meant a recovery had not begun Solana [SOL] has faced significant losses over the past month. Solana’s news cycle also revealed plenty of bearish developments alongside its price action. For instance, in a report last weekend, it was noted that reduced demand and network activity could drive SOL‘s price lower. A 38% fall in DEX activity did not aid the bullish cause. Neither did the news of a drop in total value locked (TVL). A closer look at the price charts revealed that $140-$150 would be key for recovery. SOL in a freefall below $180- is $120 next? Source: SOL/USDT on TradingView The retest of $180 as resistance on 20 February was followed by a 21.45% price drop. A few days ago, Bitcoin [BTC] had been holding on above the $95.5k-level. Its quick plunge below $90k, combined with the bearish sentiment, sent SOL tumbling. The OBV has been trending south since late January. It had been forming lower lows since late November, but the rally in January and the demand that accompanied it showed that the downtrend might not impose itself. The RSI on the daily chart was at oversold levels. While it did not guarantee an immediate recovery, it hinted that the $135-level could serve as temporary support. The loss of the $151-level, which was the 78.6% Fibonacci retracement level, meant that the $120-low from September would be the the next target. Source: Coinglass The 3-month liquidation heatmap showed that the cluster of liquidation levels from $165 to $135 has been taken out. There are some liquidation levels at $125 that could be an immediate target. If SOL can push itself back above $150, it could begin…

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Filed under: News - @ February 26, 2025 9:22 am