After last week’s crash, which sent most altcoins their new lows, SOL fell below an important mark level and continued to show signs of weakness. It bounced off a low today but is likely to resume selling shortly.
During the late 2023 mini rally, Solana enjoyed a massive volume inflow and saw the most returns among the top 10 cryptocurrencies by market cap. It marked a multi-month high at $126 and halted the bullish rally.
It later initiated a drop and started to show signs of weakness. After losing momentum for a week, Sol found support at $97 and recovered slightly – bringing a small relief to the market.
After a few days of recovery, the bears intercepted and started to mount pressure again. That led to the breakdown of the important $100 mark level last week to a low of $85 earlier today. It bounced off this low to $95 at the time of writing.
Looking at the market behaviour on the daily chart, the bearish party is not over yet from a technical standpoint. We can expect more bloodbaths as soon as soon as selling volume increases.
Overall, Sol has shed roughly 25% loss in the past two weeks. The bearish scenarios might get uglier if the asset loses momentum throughout this week.
However, the asset is still looking strong on the weekly scale despite past days of drops. A recovery above the mentioned mark level could bring the bulls back into the market.
SOL’s Key Level To Watch
Right now, the $90 level is held as support. If the price dips below the daily low of $85, the next support levels would be $80 and $70.
Meanwhile, the latest bounce could bring a retest at the $100 mark before resuming bearish. If Sol pushes higher, the next buy target would be $110 and $116.9, where it initiated drops last week.
Key Resistance Levels: $100, $110, $116.9
Key Support Levels: $90, $80, $70
- Spot Price: $94.2
- Trend: Bearish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: vasilyrosca/123RF // Image Effects by Colorcinch
Source: https://nulltx.com/solana-price-analysis-prediction-january-9-sol-dips-below-100-amid-correction-bigger-drops-ahead/