The downtrend in the global crypto market continues as it sheds 4.42% in 24 hours. Bitcoin, affected by the recessive bouts, sheds 2.84% in 24 hours trading at $38,511.79. Ethereum also sheds 2.55%, following the dominant trend in the market trading at $2,542.13.
At press time, Solana’s (SOL) Price is trading at $81.16 with a 3% loss. Although the Layer 1 token is now in a negative trend, various technical indicators show that the trend may be improving. SOL is about 70% below its all-time high after falling from its peak on Nov. 6 last year.
SOL Price Analysis
The price of Solana is on the verge of completing one of the largest percentage drops since its all-time high in November 2021. On March 2nd, the cryptocurrency reversed direction from its falling trendline ($105), plummeting to the $80 neckline. The buyers have firmly guarded this support for more than a month, preventing the sellers from incurring any further losses.
If the bulls fail to protect the $80 support, there might be a sharper decline. In this case, the price could test $72. Breaching the $75 support level could show further signs of weakness, encouraging market participants to exit their positions. A spike in sell orders could invalidate the optimistic outlook and result in a steep correction to $54.
Also Read: Traders Can Bet on These 7 Altcoins Flashing Excellent Purchase zone!
Will Solana Price Rise Above $100 This Weekend?
Altcoin today jumped off its $80 support, allowing traders to build up another rebound. Furthermore, a large breakthrough may be imminent as the coin price is near the top of the bearish pattern.
If Solana is to avoid a further drop in value, it must reach $102 first. It must first break through the 50% Fibonacci retracement at $92 and then close above $100 to reach this milestone. If buyers can boost SOL prices above $102, the altcoin will have broken through a critical resistance level and be prepared for a strong comeback. The SOL Price will hit $111 if prices continue to grow, but if no strong market support arises, the token will be unable to advance any further.
Overall, the recent downward trend has formed a falling wedge pattern on Solana’s daily chart. As SOL moves closer to the pattern’s apex, it could be preparing to break through resistance. A decisive close below the wedge’s upper trendline could result in a 34% upswing toward $120.
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Source: https://coinpedia.org/price-analysis/solana-hints-bullish-reversal-sol-price-might-surge/