Solana Faces Significant Selling Pressure as Market Turns Bearish

• At the time of writing, SOL is trading at $95.59, down 16.03% in the last 24 hours.
• If the price manages to go below $92.2 level, then it will likely test $79.7 support level.

A prominent Ethereum network block explorer, API, and analytics platform, Etherscan, has announced a strategic acquisition of Solscan, the well-known Solana block explorer.

According to the announcement, Bscscan, an explorer for the BNB Smart Chain, and the Solscan ecosystem are now officially a part of Etherscan’s portfolio. The acquisition by Etherscan ensures the Solana ecosystem will continue to grow under the guidance of an experienced team, even as it experiences rapid growth.

In yet another announcement, Solscan reveals a major upgrade with the enhanced Solscan Program Display function. The primary goal of this upgrade is to make the program’s data more easily accessible to users and to improve their overall experience. 

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

Flash Selloff

Solana (SOL) was the target of numerous positive forecasts after its stellar performance in 2023. Another factor that helped SOL regain its strength in 2024 was the optimistic attitude of the cryptocurrency industry. However, amid the bullish momentum, the price faced a sudden downturn and witnessed flash selloff. The price dropped all the way till $93.2 and has recovered briefly. 

Source: CoinMarketCap

At the time of writing, SOL is trading at $95.59, down 16.03% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 9.19%. If the price manages to go below $92.2 level, then it will likely decline further to test $79.7 support level. On the other hand, if the price manages to go past $105 level, then it will likely climb further to test $110 resistance level.