Solana Plummets 15% Amid Ongoing Struggle to Regain Momentum

Solana has plunged by over 15% after breaking below key support levels, including $162 and $150 against the US dollar. The cryptocurrency is now trading below the psychologically important $150 mark and the 100-hourly simple moving average.

The downward movement began after Solana failed to break through the $185 resistance level, lagging behind both Bitcoin in the same period.

According to technical analysts, a connecting bearish trend line is forming with resistance at $144 on the hourly chart of the SOL/USD pair. The pair might begin a recovery phase if buyers manage to push past the $150 zone.