The post Solana Price Struggle Continues Amid Ongoing Bear Dominance appeared on BitcoinEthereumNews.com.

Strong negative drivers have been present in Solana’s price movement this week. The price is down by a whopping 35.33% in the last 30 days amid the ongoing decline. Notoriety in high-profile rug-pull scam is a big factor in Solana’s poor price performance. Libra (LIBRA) project associated with prominent authorities, have been linked to a Solana wallet, according to reports. These projects reportedly fooled investors into thinking they were making a ton of money, but then they vanished, leaving investors high and dry. In the midst of the LIBRA memecoin issue, the price of Solana fell 5% on Friday after failing to break over the $180 barrier mark. The SOL price might fall much lower as a result of the falling network activity recorded, worsening the situation. Bears in Control Last week, a brief optimistic sentiment over the possibility of cryptocurrency ETF approvals helped propel Solana (SOL) recover little. After a 9% spike, the price of SOL encountered strong resistance near the $180 mark on Thursday, coinciding with the US Securities and Exchange Commission’s (SEC) confirmation of applications for Litecoin (LTC) and XRP spot ETFs. Strong negative drivers have been present in Solana’s price movement this week, as it has trailed behind other prominent cryptocurrencies like Litecoin and XRP. At the time of writing, SOL is trading at $167.17, down 2.97% in the last 24 hours, as per data from CMC. Moreover, the trading volume is down 32.93%. The price is down by a whopping 35.33% in the last 30 days amid the ongoing decline. The price has found brief support at $162 mark, nearing the $157 key support level. If the price manages to go past this level, then it will likely decline all the way to test $136 support level. The RSI level of 40 further confirms the…

---

Filed under: News - @ February 24, 2025 4:24 am