Solana Price Prediction: SOL Plummets 13% In A Week As This Blockbuster Layer-2 ICO Charges Towards $23 Million – Best Crypto To Buy Now?
The Solana price plummeted 13% in the last week and 6% in the past 24 hours to trade at $166.93 as of 11:21 p.m. EST on trading volume that skyrocketed 49% to $7.5 billion. The drop in the SOL price has been attributed to the supposed “rug pull” of the LIBRA token , which was allegedly orchestrated by Argentine President Javier Milei, who promoted it in a now-deleted post on X, leading to a wave of lawsuits. Meanwhile, the crypto market also took a 3% drop to a $3.2 trillion market capitalization, according to Coingecko . Solana Price Analysis: Downtrend Persists Amid Bearish Indicators The SOL price has been in a clear downtrend, as depicted by the descending wedge pattern on the 4-hour chart. The Solana price recently broke below this pattern, further confirming the bearish momentum. After a strong bullish rally in mid-January, SOL reached a peak near $280 before reversing into a declining structure. The chart indicates that the downtrend started forming lower highs...