Bearish Momentum Grips Solana, Triggering Intense Selling Pressure

Solana (SOL) Current Market Update

As of the latest data, Solana (SOL) is currently trading at $54.73, reflecting a 2.77% decline over the past 24 hours.

The cryptocurrency faced challenges attempting to surpass the $67.9 mark, encountering substantial selling pressure in the process.

After a significant surge in mid-November, where SOL reached approximately $0.68, reminiscent of the spring of 2022, the recent retracement has placed its value around $54.

Notably, Kraken, Coinbase, and Binance are under scrutiny from the United States SEC for alleged unlawful business activities within the U.S. without proper filings as securities companies.

Enforcement proceedings have been initiated against Kraken due to the SEC’s classification of an extensive number of tokens, including SOL, as securities.

The project teams associated with these tokens strongly contest the SEC’s designation of them as securities.

In response to growing institutional demand, the digital asset exchange BIT has announced its readiness to introduce Solana (SOL) options trading, a development eagerly anticipated by the crypto community.

Bears Striving Hard

As of the current moment, SOL is priced at $54.73, representing a 2.77% decrease in the last 24 hours, according to CoinMarketCap data. Additionally, the trading volume has increased by 27.42%.

The failure to break above the $67.9 level has led to intense selling pressure. If SOL manages to surpass the $57.2 level, it is likely to test the $67.9 resistance. Conversely, a drop below the $52 level may lead to a test of the $44.4 support level.

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