Solana Price Plummets Amid Market Uncertainty and Technical Indicators

Solana's price has been experiencing volatility in recent days due to market uncertainty surrounding the sudden shutdown of Step Finance. The platform, which uses Solana as its underlying blockchain, shut down its core platform, along with SolanaFloor and Remora Markets, following a hack that resulted in losses of nearly $40 million.

According to technical indicators, Solana's price is currently consolidating within a rectangle pattern on the daily chart. If the daily candle closes below this zone, analysts predict that SOL could drop towards $50-$40. The Relative Strength Index (RSI) remains below 50, showing that selling pressure dominates.

The shutdown of Step Finance has added to market uncertainty, with industry observers highlighting operational vulnerabilities outside the blockchain itself. This includes device security and private key management, which can have systemic effects on the Solana ecosystem.