Hong Kong authorities busted a cross-border crypto laundering network that allegedly processed approximately HK$118 million in illicit funds.

$15m crypto laundering operation busted in Hong Kong

Solana (SOL) has struggled to maintain momentum after a rally that saw it peak 
around the $183 level on May 14. Since then, Solana&#8217;s price action on the 
4-hour chart hasn&#8217;t given a clear direction, with the cryptocurrency pulling 
back to retest a key support zone near $166. Related Reading: Analysis: Crypto 
Heats Up As $35 Billion Enters Market In Under A Month At the time of writing, 
Solana is trading around $169.43, up slightly by 0.70% on the day, as it 
attempts to defend this crucial support level and build a foundation for 
another upward move. Interestingly, a technical outlook on the TradingView 
platform has pointed to the paths Solana might take in the coming days. $166 
Support Holds Repeated Tests, Break Above $177 Or $183 Will Be Bullish 
According to a recent analysis posted by TradeCityPro on TradingView, the 
$166.82 level is serving as a key short-term pivot for Solana. After a bullish 
leg that began at $142.25 and extended to $177.51, the asset experienced a 
fake breakout attempt beyond that resistance and was swiftly rejected at 
$183.86. This rejection brought the price back below $177.51 and into a retest 
of the $166.82 region. Notably, this support level has been tested twice so 
far and has held firm. The 4-hour chart is showing strong bullish candles 
forming around $166, which is an indication of a strong buying interest at 
this price level. Keeping this in mind, a breakout above either the $177.51 or 
$183.86 resistance would be the go ahead for a long position, especially if 
accompanied by the formation of a higher low and higher high beforehand. Until 
such a breakout occurs, the current setup is one of indecision. A successful 
breach and daily close above $177 backed by rising volume would likely set the 
stage for another move toward the $190 to $200 region for Solana. Chart Image 
From TradingView Short Trade Also Valid Below $166 Support Zone Market volume, 
however, has declined from last week’s levels. At the time of writing, 
Solana’s 24-hour trading volume is $2.3 billion, a 36.15% decrease from the 
previous 24-hour timeframe. As such, a new wave of momentum will be required 
to drive Solana through the resistance levels at $177 and $183. For now, the 
Solana price is consolidating tightly above $166, and failure to hold this 
level could open the door for a retest of the deeper $142.25 support. Related 
Reading: ‘Judgment Day Is Coming’—XRP Set To Explode, Analyst Warns If bears 
gain control and push the price lower, the next significant demand zone lies 
back at $142.25, which is the origin point of the previous bullish move. Given 
how the price reacted from this level earlier on April 30 and on May 6, it is 
expected to act as a strong support again if tested. At the time of writing, 
Solana is trading at $171. up by 1.6% in the past 24 hours. Featured image 
from Unsplash, chart from TradingView

Solana Price Holds $166 Support After Rejection From $183 – What Comes Next?

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