MEXCSolana Price Analysis: Will Market Sell-off Push $SOL Back to $100?
Highlights
- An ascending support trendline leads to the mid-term recovery trend in SOL price.
- With a sudden downfall today, the Solana coin witnessed a long liquidation of $13.5 Million as per crypto derivative data tracker Coinglass.
- The 24-hour trading volume on the Solana coin is $3.26 Billion, indicating a 34.5% gain.
Solana Price Analysis: On Tuesday, the cryptocurrency market witnessed a major outflow following the lead of Bitcoin price correction to $60000. The sudden sell-off tumbled most of the top altcoins including Solana which recorded an 11% intraday loss. The falling price teasing a breakdown from multi-month support hints the sellers lead an extended correction trend in the near term.
Also Read: Solana Vs Ethereum : Will Solana Take Over Ethereum By End of 2024 ?
Potential Reversal on the Horizon as SOL Hits 5-Month Support Level
In April, the layer 1 cryptocurrency Solana experienced a sharp downturn as market uncertainty intensified due to the Bitcoin Halving event The bearish downturn plummeted the SOL value from $204 to the current trading price of $122, registering a 40% loss.
An analysis of the daily chart shows the downward trend retesting an ascending trendline intact since late November 2023. The coin price rebounded several times from this support indicating an active accumulation from investors at market correction, a key signal of an established rally.
Moreover, the correction trend still wavering above the 50% Fibonacci retracement level indicates a healthy pullback which allows buyers to have an upper hand.
If the demand pressure at the aforementioned trendline is intact, the Solana price should prevent a breakdown below this support bolster for renewed recovery. Thus, the coin suitability above the support trendline will be a crucial factor for SOL holders and potential buyers in the coming weeks.
On a contrary note, if the altcoin breaks below the dynamic support with daily candle closing will favor sellers to lead an extended correction. The post-breakdown fall may tumble the asset to $98.5.
Technical Indicator
- Exponential Moving Average: A 20-day EMA slope which currently acts as a dynamic resistance will be among the initiated breakout if the SOL price witnessed renewed recovery.
- Relative Strength Indicator: The falling RSI slope heading close to oversold indicates a suitable buyer opportunity.
- Strategy Raises $715M to Buy More Bitcoin Through New Preferred Stock
- JPMorgan Reveals $340M BlackRock Bitcoin ETF Bet Amid Crypto Treasury Decline
- Arthur Hayes Bets Big on Zcash as It Tops $10B and Surpasses Hyperliquid
- Kalshi Sees Nearly 50-Day Shutdown As Bitcoin Now Mirrors Nasdaq
- Breaking: Crypto Market Structure Bill Faces Delay Amid U.S Senate Drafting Issues
- NEAR Protocol Price Surges 37% as Open Interest Jumps 59% — Is $5 the Next Target?
- Can Ethereum Price Break Below $3k as Exchange Reserves Hit Record Lows?
- Avalanche Price Nears 60% Jump Ahead of Granite Upgrade as AVAX Burn Rate Jumps
- Bitcoin Price Crashes Below $100K: What’s Driving the Drop?
- Zcash Price Surges 24% as November 2025 Halving Hype Grows – Is $1,000 Next?
- Shiba Inu Price Soars 5%: Is SHIB About to Erase Another Zero?
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
