Solana Price Plunges Below Key Support Levels

Solana's price has been under pressure after dropping nearly 4% over the past 24 hours, falling below several technical support levels. According to a recent analysis by crypto analyst Alex Marzell, Solana is currently trading within a broader price range of $60-$149, with its current price at around $97.

The next significant movement for SOL could be seen if it manages to recover above the key level of $104. However, if it breaks down below the broader $60 support, it may fall to much lower levels, potentially reaching as low as $29.

Technical indicators also suggest near-term weakness in Solana's price. The four-hour STC trend indicator is showing a downtrend, and SOL is currently below both its 21-period EMA at $101.48 and 55-period EMA at $101.72.