When SOL Takes a Dive: The Rollercoaster of Cryptocurrency! 🎢💸

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What to know:

  • In a twist of fate, SOL has taken a nosedive of 4.24% in the last 24 hours, plummeting from a lofty $158.54 to a humble $148.68, as if it were trying to find a new home just below the $150 mark, according to the wise folks at CoinDesk Research.
  • Late-night shenanigans in the U.S. saw a sell-off that would make even the most seasoned trader raise an eyebrow, with volumes soaring past 2.7 million as the price broke through the $155 support like a kid breaking through a piñata.
  • On Monday, Cantor Fitzgerald decided to throw some love at three SOL-holding firms, pointing out Solana’s shiny technical advantages and developer growth that could make Ethereum green with envy.

Ah, Solana’s SOL, that fickle friend, has slipped 4.24% over the past 24 hours, now trading at $149.46. It retreated from a high of $158.54, following a sharp sell-off that could make a rollercoaster look tame. Trading volume surged as SOL broke below the $155 support late Monday, eventually bottoming out at $148.68 before entering a dance around the $150 mark, like a confused dancer at a wedding.

Despite the short-term drama, some institutional investors are still holding onto their hats, optimistic about Solana’s long-term prospects. Cantor Fitzgerald, in a moment of clarity, launched coverage of three public companies — DeFi Development Corp (DFDV), Sol Strategies (HODL), and Upexi (UPXI) — that have SOL as a treasury asset. They gave all three an “overweight” rating, which sounds like a compliment at a buffet.

Cantor’s analysts, with their magnifying glasses, argued that Solana has outpaced Ethereum in the race of developer growth and technical performance, citing on-chain metrics that show higher throughput and lower latency. They added that firms using SOL as a treasury asset see it as a serious contender to challenge ETH’s dominance, even though ether still has a market cap 2.5 times larger. Talk about an underdog story!

While the recent correction has wiped out much of the weekend’s gains, SOL is still above last week’s support zone. Traders are now watching with bated breath to see if the token can hold the $148–$150 range or if it will succumb to further downside pressure, like a soap opera cliffhanger.

Technical Analysis Highlights

  • During the analysis window, SOL-USD dropped a staggering 7.0% from $158.804 to $147.746, forming a 24-hour range of 11.058 points. That’s a range that could make a tightrope walker nervous!
  • The steepest sell-off occurred between 22:00 and 00:00 UTC, with volume exceeding 2.7 million SOL, breaking down through $155 support like a bad habit.
  • Price later stabilized around $152, trading in a tightening range between $151 and $154, like a cat eyeing a laser pointer.
  • The $152–$153 zone transitioned from support to resistance during the correction, with $148.68 marking the session low. It’s like watching a game of musical chairs!
  • At 07:57–07:58 UTC, the price dropped from $153.118 to $152.680 on a spike exceeding 150,000 SOL in volume. Talk about a dramatic entrance!
  • Toward the end of the analysis period, SOL consolidated between $153.400 and $152.680 with declining volatility, signaling hesitation among both bulls and bears. It’s like they’re waiting for the next big move!

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2025-06-17 18:41