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Summary

The price of Solana has dropped below the $130 psychological barrier due to market instability, leading to potential testing of the $120 support level.

Introduction

Amidst market turbulence, Solana’s price has broken below the crucial $130 mark, sparking concern among traders and investors. The recent update from Helius Labs CEO Mert Mumtaz has injected optimism into the Solana ecosystem.

Main Points

Solana’s price decline below $130 has created a negative long-term trend, with potential downside to the $100 demand zone. Mumtaz’s announcement of implementing “ZK compression” directly on the network highlights a significant shift in perspective on Solana’s scalability without the need for layer-2 networks.

Recent drops in SOL’s RSI indicate possible oversold conditions, hinting at a potential reversal in the near future. Current trading data shows SOL at $128.47, down 3.56% in the last 24 hours, with increased trading volume. The price faces resistance at $132 and support at $120.

Conclusion

The price movements of Solana reflect the broader market volatility, with potential scenarios of further decline towards $120 or a rebound towards $136 if resistance levels are breached. Mumtaz’s update offers a promising outlook for Solana’s scalability and ecosystem development.

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