**Solana Breaks Through $141 Support, Signaling Bearish Sentiment Amid Market Decline**
In a troubling turn of events, Solana has dipped below the $141 support level, reflecting a bearish trend as the broader market falters. Recent whale activity has seen substantial transfers to exchanges like Coinbase and Binance, signaling significant movements within the market.
As one of the prominent altcoins, Solana has experienced an 8% drop in value amidst a general downturn across the cryptocurrency landscape. The total market capitalization of cryptocurrencies has decreased by 4%, with Bitcoin, the market leader, also facing a 4% decline and currently trading at $58,601. Despite this setback, Solana displayed some resilience last week, bouncing back from a five-month low of $104 to reach $163 in just two days, momentarily defying the bearish momentum. However, in the last 24 hours, bears have regained dominance, driving Solana’s price down to $140.
Last week proved pivotal for Solana, as it achieved a new all-time high against Ether on August 7, prompting traders to speculate on a potential surge to $200—a milestone not reached since March. Additionally, Solana celebrated a significant achievement with the approval of its first spot ETF in Brazil, expected to launch within three months.
In terms of whale movements, notable transactions have occurred recently. Just a few hours ago, 200,345 SOL, valued at approximately $31 million, was transferred from an unknown wallet to Coinbase. Two days prior, another whale shifted 154,912 SOL, worth around $23 million, to Binance, underscoring the active market participation.
Analysts tracking Solana’s monthly performance indicate that, despite the prevailing bearish outlook, there is potential for a rebound. However, ongoing selling pressure may pose challenges. Currently, the Relative Strength Index (RSI) sits at 45, suggesting that the asset may be approaching an oversold condition.
**What Lies Ahead for SOL?**
Solana’s recent price trajectory underscores a bearish trend, particularly following the breach of the $141 support level, with the 9-day Exponential Moving Average (EMA) at $149.
*SOL Price Chart, Source: Sanbase*
Looking forward, if bulls manage to reclaim control, Solana could initially rise to $163, with the possibility of pushing further up to $178. Conversely, if the bearish trend prevails, a retracement to $129 and even $103 could occur.
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