The new head of the SEC, Paul Atkins, with a background in a digital asset think tank, has sparked excitement about the future of crypto. However, as we've seen in recent days, profit-taking has been significant. Solana is down roughly 22% from its all-time high, and the price is now testing the highs from March and the lows from November. This key area spans from approximately $207 down to $194 per coin.
As long as Solana stays above this level, there’s a genuine chance for a push to the upside. What's also notably different now compared to just a few days ago is that funding fees have dropped sharply. For Solana, the funding fee is currently at 11% on the largest crypto exchange.
If the $194 level does not hold, we might see a steeper slide toward the highs of May, July, and October, around $182. However, in this broader area, traders are likely to be keen on supporting the trend. Fundamentally, nothing has changed with the market and it’s likely just undergoing consolidation after the strong gains seen across the board following the election.
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