Solana Price Weakens as Market Turns Bearish—Will the $165 Zone Trigger a Rebound?

The cryptocurrency market has taken a bearish turn, and Solana (SOL) is not immune to the downward pressure. Following a bearish monthly close, sellers have tightened their grip on the crypto markets, with Bitcoin (BTC) price slipping below the crucial $107,500 support level. Solana, a top-10 cryptocurrency by market capitalization, has also seen its price plunge to $176, losing its strong October base between $178 and $180.

The current market conditions have sparked concerns among cryptocurrency investors and enthusiasts. Bitcoin's breach of the $108,000 support level is a significant development, as this level was previously considered a crucial support zone. The weakening of Solana's price, a cryptocurrency that has gained significant traction in the decentralized finance (DeFi) and non-fungible token (NFT) sectors, further underscores the broader bearish sentiment in the market.

Investors are now closely watching the $165 zone for Solana, as a potential trigger for a rebound. This level has been a point of interest for traders, as it could provide a platform for the SOL price to stabilize and potentially bounce back. However, the current market conditions suggest that a sustained recovery may not be an immediate certainty.

The negative sentiment in the crypto market is likely to continue in the near term, as traders and investors assess the broader economic factors influencing the space. Factors such as rising inflation, interest rate hikes, and geopolitical tensions are all contributing to the bearish sentiment, making it crucial for crypto enthusiasts to stay informed and make well-informed investment decisions.