Solana Price Drops Below Key Support Level Amid Market Rejection
- Price Decline: Solana's price dropped to around $117.75 on Monday morning, falling over 58% from the September high of $253, indicating strong selling pressure in the market.
- Surge in Trading Volume: Despite the price drop, trading volume skyrocketed by 319% to $6.7 billion, suggesting a significant increase in market participant activity, which may set the stage for future price volatility.
- Stablecoin Inflows: Solana attracted approximately $1.3 billion in stablecoin inflows over the past week, the highest among all blockchains, reflecting growing capital flows and increased confidence in its DeFi ecosystem.
- Rising Staking Activity: Staking activity for SOL surged to an all-time high of 70%, with over $60 billion staked, indicating strong conviction from long-term holders about the network's future, even as short-term price pressures persist.
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Technical Analysis for STABLE
Technical Sentiment Analysis for (STABLE) As of , (STABLE) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 7 technical signals, shows that 5 indicators are flashing buy, while 2 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for STABLE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, STABLE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
(STABLE) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | -0.00283 | 0.00635 | 0.0143 | 0.0235 | 0.0315 | 0.0407 | 0.0487 |
| Fibonacci | 0.00635 | 0.0129 | 0.017 | 0.0235 | 0.0301 | 0.0341 | 0.0407 |
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