Solana (SOL) Tumbles Below $200, Follows Bitcoin's Downward Trend

Solana (SOL) tumbled below $200, marking an 11% daily dip and its lowest level in recent times. Meanwhile, Bitcoin also slipped below $100,000

Solana (SOL) price continues to trade below the $200 mark on Friday, logging an 11% daily dip in the process. This marks SOL’s lowest price point in recent times. Meanwhile, Bitcoin also slipped below $100,000 after the Federal Treasury chairman’s assertion that the central bank lacks the authority to hold Bitcoin reserves.

According to analysts, a bearish super trend and a head-and-shoulders pattern are among the key signals driving Solana’s recent decline. At press time, the cryptocurrency trades at around $189.76.

Solana’s Price Shows Weak Volume, Buying Pressure

As SOL’s price continues to slide, the support level failed to hold, indicating further downward pressure on the cryptocurrency. A bearish flip in the super trend indicator accompanied by a prominent “SELL” signal strengthens the case for a decline.

Moreover, a head-and-shoulders pattern also emerged, providing another technical cue for lower prices.

Earlier predictions regarding SOL’s decline were met with skepticism. At the time, many dismissed the analysis suggesting a retest of the $200 zone. However, with Solana now firmly within this range, traders are advised to watch closely to see if this critical support can withstand the pressure or if further losses are on the horizon.

The cryptocurrency follows Bitcoin’s downward trend, which began after Jerome H. Powell, chairman of the U.S. Federal Reserve, clarified that the central bank has no authority to hold Bitcoin. After his remark, Bitcoin slipped below $100,000, breaking its rally to hit $110,000.

Also Read: Solana, XRP ETFs to Launch After Litecoin & Hedera ETFs, Here’s Why