Solana Price Prediction: Can It Reach $100 Despite Sell-off?

SOL price exhibits bearish trend, correcting 10% in past day

• #Solana ($SOL) witnessed a mid-month recovery but quickly lost momentum after retesting a crucial price level, resulting in a 24% decline over the past eight days.

• Currently trading below $140 against the US Dollar, SOL is in a bearish zone akin to Bitcoin. Further losses are possible if it remains below the $120 support zone.

• Analysis of the daily chart indicates a breach of the ascending trendline, which had been intact since late November 2023.

• The falling price suggests a break from multi-month support, indicating a prolonged correction trend led by sellers in the near future.

• The Daily timeframe reveals the formation of an inverted cup and handle pattern, indicating a potential downturn.

• On the daily chart, $SOL's price was rejected by the 100-day Moving Average.

• If bearish sentiment continues in the crypto market, SOL's price might extend its decline to test the $100 support level this month if it closes below $120.

• According to Coingabbar analysis, Conversely, if bulls regain control and reclaim the $130 level, key resistance areas to watch out for are $145 and $170.

KEY LEVELS :

RESISTANCE LEVEL : $128-$135

SUPPORT LEVEL : $115-$110

Disclaimer: Coingabbar's guidance and chart analysis on cryptocurrencies, NFTs, or any other decentralized investments is for informational purposes only. None of it is financial advice. Users are strongly advised to conduct their research, exercise judgment, and be aware of the inherent risks associated with any financial instruments. Coingabbar is not liable for any financial losses. Cryptocurrency and NFT markets could be highly volatile; users should consult financial professionals and assess their risk tolerance before investing.