Solana (SOL) faces heavy selling pressure as market turns bearish

Ethereum block explorer, API and analytics platform Etherscan has announced the acquisition of the popular Solana block explorer Solscan.

According to the announcement, Bscscan – the BNB chain explorer and Solscan ecosystem is now officially part of the Etherscan product portfolio. The acquisition of Etherscan ensures that the Solana ecosystem will continue to grow under the guidance of an experienced team, even as the ecosystem is experiencing rapid growth.

In a separate announcement, Solscan revealed a major upgrade that enhances the Solscan program display capabilities. The main goal of this upgrade is to make it easier for users to access the program’s data and improve their overall experience.

Users can expect smooth and enhanced exploration of the Solana blockchain thanks to the integration of interactive charts that provide a layer of personalization.

quick sell

Solana (SOL) has been the target of many positive predictions after a stellar performance in 2023. Another factor that will help SOL regain strength in 2024 is the optimism in the cryptocurrency industry. However, during the rise, the price suddenly dropped and a flash sell-off occurred. As a result, SOL fell to $93.2 and recovered within a short period of time.

Source: Tradingview

As of this writing, SOL is trading at $97.30, down 13% in the past 24 hours, according to CoinMarketCap. Additionally, transaction volume increased by 38%. If the price breaks below $92.20, it may decline further to test the support at $79.70. On the other hand, if the $105 mark is exceeded, SOL may move higher to test the $110 resistance.

You can check coin prices here.

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According to Crypto News