Solana faces selling pressure as LIBRA token sparks investor concerns. Can SOL recover from its 10.5% decline?

Solana (SOL) Faces Bearish Pressure Amid LIBRA Token Controversy

Solana (SOL) has been trending today, but not for the right reasons. According to Santiment data, the blockchain gained attention due to the Solana-based LIBRA token. However, LIBRA’s rise has been met with skepticism, with many suspecting it to be a pump-and-dump scheme. As a result, investors faced significant losses, and negative sentiment has impacted SOL’s price.

Solana Price Drops 10.5%, Breaking Key Support

Following the LIBRA token controversy, Solana’s price has dropped 10.5% in the past 24 hours. This decline invalidated an ascending wedge pattern, a key bullish indicator. Currently, SOL is trading around $168, struggling to regain its upward momentum.

If the downtrend continues, SOL could fall further, with $156 as the next key support level. A dip to this level would extend investor losses and signal further weakness in the market.

Can SOL Reverse the Downtrend?

For Solana to break out of its bearish trend, it must reclaim $169 as a strong support level. If this happens, SOL could push toward $175 or even $183, reversing the current negative outlook. However, failure to hold key support levels may result in continued price struggles.