Solana Price Dives as Trend Line Support Breaks Amid Geopolitical Tensions

The Solana price has been on a downward trend after breaking a long-dated trend line support, increasing the odds of a sustained downtrend to much lower price zones like $68 or even $60.

Trading volumes rose to nearly $1.9 billion yesterday following this trend line break, indicating that the selling pressure could be accelerating.

The persisting geopolitical tensions and high oil prices have led to persistent inflation in the US, which is influencing a hawkish monetary policy by the Federal Reserve, creating a headwind for crypto prices.

On-chain metrics also indicate a big price move ahead for Solana, with DEX volumes about to finish the month with a 30% decline and a 66% drop from this year's peak of $136 billion in January.