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Solana (SOL) has seen its price decline to levels last seen in November 2024, hitting a low of $161.66 amid a wider crypto crash that has seen Bitcoin (BTC) drop to $94,078.68 and Ethereum (ETH) drop to $2,612. With Solana reeling from the aftermath of the LIBRA memecoin crash which was launched on the blockchain and the upcoming token unlock, SOL could see a further decline towards $150. The impact of the LIBRA memecoin crash The Solana ecosystem has been rocked by the LIBRA meme coin rug pull that saw traders lose around $286 million. The LIBRA scandal dealt a significant blow to investor confidence after the meme coin surged following a public endorsement by Argentina’s President Javier Milei. However, the rally was short-lived, as LIBRA plummeted by over 94% within hours. Milei has since denied any wrongdoing. The events that followed the launch of LIBRA revealed a classic rug-pull scenario where liquidity was removed, leaving investors with nearly worthless tokens. This debacle has not only led to substantial financial losses but has also damaged investor trust in Solana’s ecosystem, as the fallout has sucked liquidity out of the market, possibly contributing to the current price decline. Looming threat: FTX Estate’s SOL unlock Adding to Solana’s woes is the looming unlock of $2.2 billion worth of SOL tokens by FTX’s estate scheduled for March 1. The token unlock event is expected to increase the supply of SOL in circulation, potentially leading to further price drops if these tokens are sold off by investors or entities that acquired them during FTX’s bankruptcy proceedings. The anticipation of this unlock has already started influencing market behaviour, with many investors seemingly preempting the event by selling off their holdings. Bears firmly in control From a technical standpoint, Solana has been tracing a well-defined descending channel, indicative of a bearish trend in the short to medium term. The price action has formed a five-wave Elliott Wave structure, with the fourth wave hitting support at $150, which aligns with a key Fibonacci extension level. Nevertheless, there is a notable bullish divergence in the Relative Strength Index (RSI), suggesting that the selling pressure might be weakening, which could preclude a reversal. However, for a confirmed upward movement, SOL needs to break above the descending trendline resistance of around $173. If it fails to do so, there’s a risk that SOL could revisit or even breach the $150 level, a psychological and technical support that could either halt the fall or signal further declines. Solana price predictions: key levels to watch With the current market conditions, Solana’s price predictions are cautiously bearish in the short term. If Solana manages to hold above $161.86, there might be a chance for recovery, potentially targeting $180 in a nascent bullish phase. However, if the support at $161.86 gives way, the next significant level to watch could be $150, which could act as critical support or, if breached, lead to an even more pronounced correction. Investors should also keep an eye on resistance levels at $173, $195.81, and $216.90, where Fibonacci retracement levels suggest potential barriers to any upward movement. If Solana (SOL) can maintain or regain investor confidence after the LIBRA incident and navigate through the upcoming token unlock with minimal sell-off pressure, there might be a path for recovery. However, the current narrative paints a picture of significant risk, with the potential for SOL to dip further into the $150 range if bearish trends continue unchecked. The post Solana (SOL) risks dropping to $150 as market reacts to LIBRA rug pull appeared first on Invezz

Some people act as if FTx news exist since today. I made a full report about it almost a year ago! Now it’s time to play this game with perfection! Or will you end up being tricked, the same way the market tricked you when the Germans sold at $55,000 and everyone panic sold?

Introduction: IPUSDT has broken out of its consolidation phase with an impressive rally of over 50%. But is this an opportunity for traders to ride the wave, or could it be a bull trap that leads to a sharp reversal? Analyzing the Price Action: The breakout from the $1.39 level suggests strong buying pressure. However, resistance at $2.15 could act as a major hurdle. Bullish Scenario: If the price consolidates above $2.15, we could see another leg up. Bearish Scenario: A rejection at resistance could lead to a retest of lower support zones. Market Sentiment & Trading Strategies: We discuss how traders can use stop-loss levels, moving averages, and RSI indicators to manage risk in this volatile setup. Final Thoughts: Is now the time to buy, hold, or take profits? Expert opinions provide clarity for traders. $IP

San Francisco Fed President: Tight monetary policy needed until progress on inflation San Francisco Federal Reserve President Mary Daly has said that the Fed wants to act cautiously until it decides on the next adjustment. Inflation is declining, but the process is unstable. On…

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