Solana’s decline has continued since November 6th when it reached a record high of $259.90. The decline has seen it follow a decreasing resistance line, most recently validated on March 2.
Solana Bulls May Push Price Above $100
The price dropped to $75.35 by February 2nd. Following bounce, the support level of $73 was confirmed. It is also a horizontal support zone and the support level for the 0.786 Fib Retracement.
SOL trades currently at a 66% decline from its high.
Solana’s price is on the verge of completing one of the most significant percentage decreases since its all-time high in November 2021.
The price activity for Solana (SOL) may show a descending triangle pattern. Altcoin fell to $105 on March 2, and plunged to the $80 neckline. The buyers have held this support for more than a month and prevented the sellers from taking any additional losses.
SOL/USD support will be at $80 TradingView
The altcoin’s evening star pattern allows traders to make another comeback today by jumping off the $80 support. Additionally, an important breakout might be in sight if the price of altcoin approaches the bottom of the bearish trend.
To avoid another decline in Solana’s value, the company must reach $102 levels. It must break the $92 Fibonacci retracement by 50% to reach this point, and then move above $100.
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The coin can break through key resistance levels if buyers push SOL prices up to $102, and it will then be ready for a strong comeback. The token could reach $111 if prices rise. However, if there is no market support, it will not be able to move further.
Bitcoin market turned positive since Ukraine said it wasn’t interested in NATO membership. The positive trend could be sustained due to the possibility that Russia will end the conflict with Ukraine. SOL is likely to recover up to $150.
Bears Await
Solana might become bearish and lessen support from buyers. The last couple of weeks have seen the market in flux. One trend is yet to take form and emerge. As a result, there’s a chance the present upswing could be broken. Solana could drop to historic lows.
Solana may drop below $85, which could lead to lower support levels. The final support level at $80 may be reached if the token falls further.
It will break through the support level and a steep drop in price is expected. This level of $50 could be tested very soon. SOL may fall further. This could tempt traders to take advantage of a substantial drop in SOL.
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Featured Image from Pixabay. Chart by TradingView.com