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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions
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Breaking News: Bitcoin, Ethereum, Solana Rally Towards All-Time Highs: Top Analysts Share Predictions

Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable?

Godspower Owie
Godspower Owie
1 year ago
3 mins read
Solana

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Solana (SOL) is currently experiencing a significant decline, dropping over 17% and reaching the critical $118 support level. This sharp downturn has put considerable pressure on this key level, raising concerns among traders and investors about the possibility of a further breakdown. The $118 level has historically been a stronghold for the cryptocurrency, but with the current bearish sentiment in the market, its ability to hold is still being determined. 

With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess the likelihood of breaking the $118 support, and explore potential scenarios for SOL.

As of the time of writing, Solana has dropped by 17%, trading at approximately $119.78 in the past 24 hours. Solana boasts a market capitalization exceeding $54 billion, which demonstrates a decrease of 18.45% and a trading volume surpassing $9.4 billion, indicating an increase of 182.21% in the past 24 hours.

Technical Analysis: Indicators Pointing To A Potential Break For Solana

On the 4-hour chart, Solana has demonstrated significant bearish momentum, with the price dropping below the 100-day Simple Moving Average (SMA) and currently attempting a break below the $118 support level. A successful breach below this key level could lead to a further bearish move for the cryptocurrency.

Solana
Source: SOLUSDT on Tradingview.com

The Relative Strength Index (RSI) on the 4-hour chart has dropped to 24.74%, which is considered to be an oversold zone. This position of the RSI indicator signals that SOL could extend its bearish move beyond $118.

On the 1-day chart, Solana has experienced increased selling pressure as the price consistently forms bearish candlesticks. Specifically, this pattern shows sellers are gaining control over the market, pushing the price lower with each successive trading session. 

Solana
Source: SOLUSDT on Tradingview.com

Also, the formation of these bearish candlesticks, characterized by closing prices lower than their opening prices, reflects a pattern of sustained selling, which is often a sign of underlying weakness in the asset.

Finally, the 1-day RSI has also dropped below 50%, which further supports the possibility of further price drop. This drop suggests that bearish pressure is rising, as sellers are still active and influential in the market. The fact that sellers are still active implies that Solana will probably continue to decline.

Potential Scenarios: What Happens if $118 Fails?

If Solana can maintain its current bearish momentum and close below the $118 support level, it may continue to move downward to challenge the $99.44 support level. When this level is breached, the digital asset may experience further price loss toward the $79.24 support range and possibly other ranges below.

Conversely, should SOL’s price close above the $118 support level, it will start to ascend once more toward the $160 resistance point. Following a break above this level, the crypto asset may see further price gain to challenge the $170 resistance level and perhaps other levels above.

Solana
SOL trading at $119 on the 1D chart | Source: SOLUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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