#Solana fails to maintain its position above the $200 psychological level against the US Dollar
Network congestion experienced by users and FTX's sale of assets at discounted rates are contributing factors to Solana's decline.
The coin has encountered rejection twice from overhead resistance within a span of three weeks, indicating active seller defense at this level.
Analysis of the daily chart highlights the formation of a double top pattern.
Amidst the ongoing market sell-off, $SOL's price has dropped by 13% from its recent peak to its current trading price of $178.
#Solana's price has plunged under the influence of a bearish pattern, challenging the neckline support at $163.
A successful breakdown below the $163 support level could intensify selling pressure, potentially extending the correction trend to $120.
Conversely, a reversal from the $163 support level would weaken the bearish outlook, possibly leading to sideways movement.
According to Coingabbar's analysis, #Solana price prediction 2030 to hit around $700, while Solana price prediction 2040 potential for a surge to $1500.
KEY LEVELS :
RESISTANCE LEVEL : $185-$192
SUPPORT LEVEL : $168-$160
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.
