- The price of Solana dropped significantly, falling more than 19.77% in the previous week.
- The SOL price dropped all the way till $196 level and witnessed a short recovery.
Concerns that risk assets may be badly affected by a trade war sparked by President Trump’s tariffs on key trading partners have caused several of the most valuable cryptocurrencies to fall by 10% or more in the last day.
Investors are fleeing risky assets like cryptocurrencies as a result of the tariffs’ anticipated widespread effect on consumers. And the disclosure of retaliatory actions by Canada and Mexico. As a result, prices have fallen sharply.
According to statistics from CoinGlass, the market for crypto futures positions has seen liquidations of more than $900 million in the last 24 hours. With Bitcoin at the front of the pack with $180 million worth of liquidations.
Bears in Control
Solana (SOL) also faced the wrath of the bears. The price of Solana dropped significantly, falling more than 19.77% in the last 7 days. At the time of writing, SOL is trading at $202.83, down 8.21% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 133.47%.
With Bitcoin’s price falling below $100,000, the wider market is now confronted with a substantial profit booking from the higher zones. Other prominent altcoins were also pushed down in price as a result of this. SOL price dipped below 100-day EMA as a result. The Solana price has retraced more than 28% from its high of $294. This can be attributed to persistent profit booking from the rising trend.
The price dropped all the way till $196 level and witnessed a short recovery. If the price manages to break below $193 level, then it will likely face further declines. In such a scenario, key area to watch out would be the $185 support level. However, if the price manages to go past the $220 mark then it will likely test $236 resistance level.
