Greenlane Holdings Inc. (GNLN) is having the kind of week that makes chart watchers dizzy. After soaring more than 70% in Wednesday's after-hours session to hit $1.58, the Florida-based cannabis accessories company saw shares retreat 11.14% to $0.78 during Friday's premarket trading.

The pullback puts Greenlane on a different trajectory than the broader market, where Nasdaq futures climbed 0.14% and S&P 500 futures gained 0.12% heading into Friday's open.

The Crypto Connection

So what's driving this volatility? The answer involves stablecoins, blockchain tokens, and agreements that might sound more Silicon Valley than cannabis industry. According to a Securities and Exchange Commission filing from February 9, Greenlane Subsidiary Inc. signed token purchase and lending agreements with Berachain Operations Corporation on February 4.

Here's the setup: Greenlane's subsidiary can lend USDC (USDC) and Tether (USDT) to Berachain in exchange for acquiring BERA, which serves as Berachain's native gas and staking token. It's a pivot into digital assets for a company better known for selling vaporizers and smoking accessories.

The Technical Picture Isn't Pretty

Step back from the daily drama, and the longer-term chart tells a tough story. Greenlane is currently trading 41.3% below its 20-day simple moving average and a staggering 71% below its 100-day moving average. That's textbook weakness across both short and medium timeframes.

The real kicker? Over the past year, shares have plummeted 99.90%. That's not a typo. The stock is hovering much closer to its 52-week low than its high, underscoring just how brutal the past year has been for shareholders.

On the technical front, the Relative Strength Index sits at 16.77, firmly in oversold territory. Meanwhile, the MACD remains below its signal line, suggesting bearish momentum still has the upper hand. When you combine an oversold RSI with bearish MACD readings, you get mixed signals that reflect a stock caught between downward pressure and potential exhaustion of selling.

Traders watching the chart should keep eyes on two levels:

• Key Support: 70 cents
• Key Resistance: $1.00

Breaking below support could trigger another leg down, while reclaiming the dollar mark might signal some stabilization after this wild ride.