Originally published on: October 02, 2024
The price of Solana (SOL) has experienced a decline in the midst of escalating geopolitical tensions in the Middle East. Over the past 24 hours, the market for Solana has fallen by approximately 7%, hovering around $143 as of October 2nd.
One contributing factor to the sell-off of SOL price was a viral video featuring former NSA intelligence contractor and whistleblower Edward Snowden, who criticized the centralization of Solana on social media platforms.
Current SOL/USDT daily price chart displays this decline in Solana’s price as part of a broader market trend, as traders adjust their portfolios amidst increasing tensions between Israel and Iran.
The heightened level of concern stems from recent missile barrages from Iran and the anticipated response from Israel, with Israeli Prime Minister Netanyahu vowing a “severe response.” This has led to speculation that Israel may target Iran’s nuclear facilities, potentially exacerbating the conflict.
During times of uncertainty, cryptocurrencies like Solana are typically among the first assets to be sold off as traders opt for safer options such as the US dollar. This pattern is reflected in the current downward trend in Solana’s price.
Edward Snowden’s critique of Solana as a centralized platform has also impacted the cryptocurrency’s value, adding to the ongoing decline. Despite this, traditional analysts view the current price pattern within a descending triangle as potentially bullish, especially if SOL breaks above a certain resistance level.
Looking ahead, if Solana surpasses this resistance area, it could see a significant price increase, with a potential upside target of over $285 in the coming months.
It’s important to note that this article does not provide investment advice. Readers are encouraged to conduct their own research before making any financial decisions.
