Solana (SOL) Plunges 13% – Is a Deeper Dip on the Horizon?

The Solana (SOL) price has taken a significant tumble, dropping 13% to $139, fueling bearish sentiment among traders. The recent dip has sparked concerns about further downward pressure, with some analysts predicting a possible drop to $124 unless SOL can reclaim the critical $140 support level.

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The decline in SOL price has been accompanied by a surge in short contracts, indicating a growing expectation of continued downward momentum. This bearish pressure is further exacerbated by negative sentiment surrounding the broader cryptocurrency market.

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While the current situation appears grim, it’s crucial to note that the cryptocurrency market is notoriously volatile. A potential rebound cannot be ruled out, particularly if SOL manages to regain the $140 support. However, until this happens, traders should remain cautious and closely monitor the market for any signs of a potential turnaround.