SOL Price Crashes 18%, On-chain Metrics Remain Bullish: $200 Retest Soon?
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Solana price and the broader market took a significant dip mid-week. The accelerated sell pressure can be attributed to a combination of bearish crypto market conditions and geopolitical tensions between Iran and Israel. This created Fear, Uncertainty, and Doubt (FUD) among market participants. Despite the 18% crash this week, the SOL price is positioned at crucial support levels, suggesting a potential for reversal.
The on-chain metrics for Solana remain bullish, indicating that a retest of the $200 level might be possible soon. While the broader crypto market is dealing with challenges, Solana's favorable on-chain data provides a glimmer of hope for investors.
Market observers will be keenly monitoring the situation to see if Solana can mount a recovery despite the current geopolitical and market challenges. The focus remains on whether SOL can capitalize on its bullish on-chain signals and start a positive price trend once more.
Source: coingape.com ↗
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