- Solana had tried to rally towards $190 before dropping to the support floor at $170.
- SOL’s plummets coincide with another recession in the global marketplace.
- Market bears step up despite Melania Trump launching an NT protocol on Solana.
Solana (SOL) bears kick in once more after the asset registered a false breakout. The altcoin rose from weekly lows at $151 towards $185. Nevertheless, Solana failed to hold the high level and now shows retreating signs towards previous levels.
SOL is among the leading losers in the top ten crypto list. The token has lost more than 7% to $170 at this publication.
SOL Retests Support
Solana has its first massive support at $170 and appears vulnerable at its current levels. IF Solana falls under this level, bears will step up, translating to upswings. Further drops under $170 will have SOL at the crucial support of $162. Maintaining above this mark might support a bullish rally. However, pushing beneath this market might translate to a massive sell-off, erasing Solana’s last week’s gains.
Near-term investors took profits after Solana touched weekly highs at $185 today. The recession in the crypto space seems to keep investors at bay as sellers dispose of their holdings.
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Meanwhile, market downtrends might face exhaustion soon. The resultant positive mode might see SOL targeting $200. Nevertheless, the broad financial market has to enter a bullish rally for SOL to eye ATHs of $244.
Melania Trump Introduces NFT Protocol on Solana
Solana suffered falls even as the former US first lady Melania Trump endorsed the blockchain. She revealed plans to unveil a non-fungible tokens marketplace based on the SOL blockchain. Each NFT on the network will cost 1 $SOL. As the news triggered excitement on Solana’s network growth as far as NFTs are concerned, the coin failed to maintain any gains related to the developments.
Solana appears to mimic broad market trends. For now, the financial space has seen a bloodbath as most tokens hover in the red. Cryptocurrencies should overturn the current situation to avoid violating critical support floors.
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