Solana Retests Crucial Support Level, 50% Drop On The Horizon?
Reasons for trust
Strict editorial policy focusing on accuracy, relevance and impartiality
Created and carefully reviewed by industry experts
The highest standards for reporting and publishing
Strict editorial policy focusing on accuracy, relevance and impartiality
The price of football for the Lions and players is a bit soft. Every arcu lorem, super kids or ullamcorper football hatred.
Sol has lost key support levels since February, with nearly 40% of its return journey in the past month. As its price retests critical level levels, some analysts warn that the potential 50% corrected to annual lows.
Related Readings
Solana loses key support levels
Solana has been one of the major cryptocurrencies in the cycle, driving the cycle amid the market’s memorial frenzy. Altcoin climbed more than 270% in a year, with its latest all-time high (ATH) of $270, registered nearly two months ago.
Still, Thor has a lot of bullish sentiment reduce It has recently fallen to its lowest point in more than a year since January. As a result, cryptocurrencies fell by more than 50% from ATH on January 19.
Solana lost $200-220 support zone early last month, and the February market crash will allow SOL to retest its next key level. Lost $180 for $180 two weeks ago Hover Between the $130-$150 range, it soared to $179 in early March.
Market corrections this week have brought Bitcoin (BTC) to $76,000 for the first time in four months, sending Solana to a new monthly low.
On Tuesday, Saul’s price briefly dropped to $111, a level not seen since the market crashed in August 2024, before bounced back to $125. Pseudonym trader cryptocurrency is busy in ongoing retest warn The sol must “retain this critical support to maintain the above bullish sentiment above $100”.
Crypto analyst Ali Martinez Famous Solana’s most critical area appears to be between $110 and $125, as that level is key support at its 2021 and 2024 rally. Analysts suggest that “holding this range may be the key to the next move”.
Sol price risk transfers to $60
Martinez also noted that Solana may be on the verge of collapse as its key levels have already been broken. according to postalIf Saul fails to hold the $125 support zone, SOL may crash 50% to $60.
Analysts stress that cryptocurrencies have been developing a wide-angle pattern of right-angle rising since March 2024, when it recouped its level for the first time in this cycle.
During this time, each higher height on the Solana chart creates an upward trend line at the top of the pattern, while the $125 support “as a strong level support trend line.”
Related Readings
However, the breakthrough in the area below this level of SOL has increased the odds of price correction by 50% to 42023 Q4. In addition, Martinez recently warn Based on the potential correction of Solana’s trading pairs, the Bitcoin began to resemble the ETH/BTC chart.
Analysts suggest that the SOL/BTC chart looks like Ethereum’s trading pairs on BTC’s past price action, adding that the Sol/BTC chart could drop to the 0.0008 area if this pattern continues to be followed. The pair reached 0.0014624 for 15 months on Tuesday after the latest price action.
Solana is trading at $124 as of this writing, with a weekly schedule down 14%.
Featured images from Unsplash.com, charts from TradingView.com
