Solana （SOL） price consolidates near $140 amid declining trading volume and market turbulence.
Points
- SOL is trading at $139.84, up 0.98% in the last 24 hours.
- Price might decline to $129 support level if it falls below $134.
- Anatoly Yakovenko criticizes U.S. cryptocurrency legislation approach.
- Market turbulence contributes to Solana’s unstable price action.
Solana （SOL） has been consolidating near the $140 mark amidst declining trading volume and market turbulence. At the time of writing, SOL is trading at $139.84, reflecting a slight increase of 0.98% in the last 24 hours. If the price dips below the $134 level, it might further decline to the $129 support level.
Market Sentiment and Price Action
Anatoly Yakovenko, co-founder of Solana, has sparked controversy by criticizing the U.S. government’s approach to cryptocurrency legislation. He compared the regulatory landscape to the disarray in the healthcare sector, highlighting the challenges faced by the crypto market.
Due to intense buying and selling pressure, Solana’s short-term price action has been highly volatile. The price has been trapped in a range-bound action, reflecting the broader market’s uncertainty.
Dull Performance and Market Trends
Since July 3, SOL has struggled to close above $145. The overall market value of the crypto sector has dropped significantly over the past week, partly due to diminished interest in cryptocurrencies. This decline in interest has contributed to Solana’s poor performance, with the token unable to break out of its current trading range.
解説
- Market Sentiment: Anatoly Yakovenko’s criticism of U.S. cryptocurrency legislation highlights the regulatory challenges facing the market.
- Price Action: Solana’s price consolidation near $140 reflects market turbulence and declining trading volume.
- Support Levels: Monitoring key support levels, such as $129 and $134, is crucial for anticipating potential price movements.
- Broader Market Trends: The overall decline in crypto market value impacts Solana’s performance and price stability.