More Pain Ahead For Solana? Dangerous Price Drop To $125 Looms With This Support Retest
Crypto analyst Madwhale suggests Solana prices can witness more Downward pressure In the next few days. Specifically, analysts predict that SOL is at risk of dropping to $125 as key support levels are retested.
Solana risk drops to $125 and gets support for retesting
exist TradingView PostsMadwhale predicts that with the $164 retest, the risk of Solana prices is as low as $125, which is a Key support levels On the horizon. Analysts point out that this is a key level of support that has proven strong before. However, he warned that this time it may not be the case.
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Madwhale noted that there are signs that Solana prices may soon violate this daily support, which could result in a drop of about 25%. Analysts say that if a price crash occurs, the price target to watch is $125, which is the same as Key monthly support area. He added that this area has historically been an important defense against further downturns, making it a key point in current market analysis.
Analysts accompanying charts show that resting hours below $125 support levels could put Solana prices as low as $80. It is worth mentioning that crypto analyst Pizzadriver also recently warned that Saul could witness a 2022 crash, with cryptocurrency dropping to double digits.
Solana prices have had a major crash, down more than 11% in the past seven days. On-chain analysis platform santiment recently pointed out Solana’s market sentiment It has dropped to its lowest level since the significant decline on January 20. Traders expressed frustration as SOL fell to a three-month low of $161.
However, the platform offers some optimism about Solana prices. Santimes pointed out that despite the extremely high discussion rate and the crowd sentiment is bearish, this is a historically high probability of rebound.
The rebound is also on the card
Madwhale and Pizzadriver predict Solana Price There may be further collapse, with some other analysts predicting that SOL can rebound from current levels. In X’s post, crypto analyst Mr. B pointed out that SOL is slowly recovering after falling to around $160 yesterday. He added that the daily support level of cryptocurrencies is bounced completely.
In line with this, Mr B said he expects a healthy rebound to reach $185, although he warned that if Solana’s price doesn’t exceed that, it could drop again. On the other hand, if Solana manages to push higher, analysts predict Psychological $200 It may be coming soon.
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At the time of writing, Solana price is trading at about $172, up more than 3% in the past 24 hours. data From CoinMarketCap.
Featured images from Adobe Stock, charts from TradingView.com
