Solana is under severe selling pressure, with its trading volume crashing to $14.5M amid a market-wide downturn. The cryptocurrency is struggling to reclaim essential support levels, facing its lowest prices since September 2024. The steep decline in transfer volume suggests a significant drop in network activity and interest, leaving investors worried about SOL's short-term prospects.
Analysts caution that if Solana fails to maintain crucial demand zones, further declines could occur. The broader market, including other altcoins, remains under pressure, contributing to Solana's struggles. To regain momentum, Solana needs a recovery in both volume and price action.
As Solana trades below $150, its price action remains weak, and any further downturn in the overall market could exacerbate SOL's decline. Observers are closely watching whether the bulls can defend key levels or if bears will continue to exert control.
