Solana Price Faces Pressure as Selling Pressure Rises

Solana's price is facing pressure after failing to break through a crucial resistance at $78 and breaking below a significant trend line support.

According to Pluang, this could indicate a potential drop in price to $60. Trading volumes have increased, suggesting rising selling pressure amid unfavorable macroeconomic conditions such as persistent inflation and a hawkish Federal Reserve.

On-chain data shows declining decentralized exchange volumes, which is a negative sign for Solana's price. Additionally, signals from daily active users hint at a major price move, likely downward.