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>>Solana's price faced resistance at $229 and has now fallen, with analysts watching for stability around the $200 level.

Solana's price faced resistance at $229 and has now fallen, with analysts watching for stability around the $200 level.

crypthub

1 day ago

Solana's Recent Price Action

Solana experienced a failed breakout attempt at $229.49, leading to a decline below its 30-day Simple Moving Average. Key momentum indicators, including the MACD histogram and RSI, now signal bearish sentiment. This price action puts downward pressure on support levels, with a potential move towards $200 if $214.84 is breached.

Capital Rotation & Market Narratives

Speculative capital is shifting from Solana to rival blockchains like BNB Chain, particularly into meme coins. This rotation reflects a change in risk appetite and has led to significantly higher trading volumes on BNB Chain compared to Solana. Consequently, activity around Solana-based meme tokens has diminished.

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