Solana Faces Bearish Pressure as Price Fails to Clear Above $140 Mark

• The price found support at the $121 mark and has had a brief rebound ever since.
• At the time of writing, SOL is trading at $134.07, down 2.06% in the last 24 hours.

Using the cross-chain technology developed by the Wormhole Foundation, Worldcoin has announced the introduction of World ID integration for Solana. World ID now has even more possibilities for app developers thanks to the integration with Solana.

Founder Anatoly Yakovenko of Solana made an unexpected reference to Satoshi in a recent tweet, stating that Solana is a Bitcoin L2 supported but not backed by Satoshi. Perhaps the Solana creator is alluding to a link between the two blockchains, or he is trying to say that Bitcoin is an inspiration for Solana’s architecture.

A “break-through moment” and a surge in users have occurred on the Solana network after the blockchain implemented liquid staking. Bybit, a prominent cryptocurrency exchange, recently released a report claiming that the liquid-staked SOL will attract large numbers of users and speed up the process of retail users joining the ecosystem.

Bears in Control

There is mounting adverse sentiment for Solana (SOL), and the market activity suggests a possible drop. At the time of writing, SOL is trading at $134.07, down 2.06% in the last 24 hours as per data from CMC. Moreover, the trading volume is down by 4.47%. 

The price found support at the $121 mark and has had a brief rebound ever since. However, the price failed to clear above the $140 mark recently and has been facing bearish pressure.

In the near future, we may see Solana prices rise to the $159 to $163 region if they manage to break over the $140 barrier and stay there. This would likely indicate the beginning of a bullish trend. Conversely, if the price falls below $129 level, then it will likely retest $121 support level. Breaking below this level, will likely see price testing $110 support level.