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Tag: SOL breakdown

  • Analyst Warns Solana Price Risks Major Breakdown, Should Investors Worry?

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    As Solana’s (SOL) price attempts to hold a crucial support area, an analyst has warned investors that the highly anticipated “Solana season” might not happen as the altcoin risks a massive price crash.

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    Solana Risks ‘Serious Downside’

    On Friday, Solana followed the rest of the market and fell below the $180 support to retest the recent lows. The cryptocurrency started this week by recovering from last week’s correction to its two-month low of $168, briefly attempting to reclaim the $210 resistance on Tuesday.

    However, the recent market volatility has seen the altcoin lose the $200 level again and retest a crucial support area that could determine SOL’s next move. Amid this performance, analyst Crypto Bullet shared a bearish outlook for Solana, suggesting that a 75% crash from current prices might be coming.

    In Q2, the market watcher warned that the cryptocurrency’s bull market was “likely over,” highlighting its structure in the higher timeframe chart. Per the post, SOL “had a clear 5-wave Impulse to the upside that ended in January with $TRUMP coin blow off top,” when the altcoin hit its all-time high (ATH) of $293.

    Based on this, he forecasted that Solana would see an ABC corrective wave pattern in the coming months, with a potential bounce to the $240-$250 area for the B wave, before “the most painful wave down (C).”

    SOL displays a potential ABC corrective wave pattern in the monthly chart. Source: Crypto Bullet on X

    The analyst affirmed that the cryptocurrency has likely completed the B wave, although it could have a bounce to a new higher high before the breakdown. “The monthly candle still has 2 weeks to close green, but frankly speaking, Solana looks cooked (whether we get a higher high to trap more people or not),” he affirmed.

    Crypto Bullet cautioned SOL holders that if the C wave has started, they “should be prepared for some serious downside” in the mid-term toward the $40 target.

    Can SOL Retest $210?

    Analyst Ted Pillows also cast a warning for investors, asserting that “Solana treasury companies are in free fall right now.” He suggested that the recent dump is partially driven by the halt in institutional bidding. “Until these companies show some recovery, I think Solana’s price recovery will be difficult,” the post read.

    Despite the bearish predictions, some market watchers consider that SOL’s bullish outlook is still in play. Man of Bitcoin highlighted that Solana’s price is potentially forming a 1-2 setup, which could send its price back to the $200-$210 area.

    To the analyst, as long as the price holds above the $170 support level, the bullish scenario could continue to play out. Meanwhile, Crypto Yapper noted that Solana is currently retesting a double support in the daily chart, which could set the stage for a 15%-20% bounce.

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    Per the post, SOL’s price is retesting the lower boundary of a 2-month falling wedge formation and the crucial $170-$180 horizontal level, which has served as a major support and resistance level throughout the year.

    Holding these levels in the daily and weekly timeframe could spark a rebound and propel the price to retest the falling wedge’s upper boundary and the crucial horizontal resistance around the $210-220 mark, the analyst noted.

    As of this writing, SOL is trading at $182, a 12.6% decline in the daily timeframe.

    Solana, sol, solusdt
    Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Solana (SOL) Price Risks Drop Below $200 After Losing Key Support, Analyst Warns

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    Amid the recent market volatility, Solana (SOL) has lost a crucial area for the first time in over a week, leading some analysts to forecast a potential drop toward the $200 support and below in the coming days.

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    Solana Pullback Eyes $200 Retest

    Solana fell from the $225 area and recorded a 6.6% intraday retrace below the $210 level for the first time in two weeks. Notably, the cryptocurrency has been trading within the $210-$245 levels over the past month, briefly losing this range during the late September pullback.

    As “Uptober” arrived and the overall crypto market recovered, the altcoin bounced from the recent lows, reclaiming the mid-zone of its local price range. Over the past week, SOL traded within the $220-$235 area, retesting both the upper and lower boundaries of this zone throughout this week’s volatile market performance.

    Multiple market watchers warned that losing $215-$220 area could determine whether SOL’s short-term rally was at risk. On Friday morning, the altcoin lost this crucial zone, hitting a one-week low of $207.

    Analyst Crypto Batman forecasted that Solana would likely head lower before bouncing, highlighting two key support areas. He suggested that the altcoin’ could retrace deeper into its Bullish Fair Value Gap (FVG), between $210-$220, which previously served as a key resistance level.

    However, if the price continues to fall, he pointed out that a retest of SOL’s two-month ascending trendline, currently around the $200 mark, would be possible. This trendline was tested as support in late September, when the altcoin fell to the $190 level.

    Similarly, Crypto analyst Man of Bitcoin had affirmed that holding the $216 level was crucial to preserve a bullish scenario in which the cryptocurrency rallied toward the $270 without major pullbacks.

    The analyst cautioned that losing this area would invalidate the bullish setup and likely push the price down toward the local range lows, potentially risking a drop to the $200 barrier.

    SOL’s Make-Or-Break Level

    Meanwhile, market watcher Follis recently stated that SOL has “one of the cleanest” high timeframe charts in the market. He noted that Solana’s 100-day Exponential Moving Average (EMA) indicator in the daily chart holds “the key.”

    Notably, this indicator, currently sitting around the $200 area, has been tested as support and bounced from each time the cryptocurrency has failed to break a major resistance level since August.

    Based on its recent performance, if the altcoin holding the EMA100 on the daily timeframe could see a rebound and target the range highs. On the contrary, if this level is lost, the cryptocurrency risks falling to the September lows.

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    Despite the short-term correction, some analysts remain optimistic about SOL’s end-of-year rally, suggesting that it will continue its path to new highs after the retrace. “$320 remains the target,” Trader Koala affirmed, “Pullback first though.”

    As of this writing, Solana is trading at $205, a 12.1% decline in the weekly timeframe.

    Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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  • Solana Freefall Ahead? SOL Price Risks Drop To $150 If This Critical Support Fails

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    After hitting a one-month low, Solana (SOL) has bounced from a critical support zone and is attempting to reclaim a crucial psychological barrier before potentially resuming its bullish rally. However, some analysts suggested that the cryptocurrency could retest new lows if the market volatility persists.

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    Solana Price Retest Major Support

    On Thursday, Solana lost the $200 level as support after closing the day below this level for the first time in nearly a month. The cryptocurrency has been trading inside the $120-$220 price range since early February, finally breaking out of this range in mid-September.

    A week ago, the market’s bullish momentum and strong corporate treasury purchases pushed SOL’s price to an eight-month high of $253, leading many investors to anticipate the long-awaited rally to higher levels.

    However, this week’s pullbacks have sent most cryptocurrencies below crucial levels, with Bitcoin and Ethereum dropping to $108,000 and $3,800, respectively. Meanwhile, Solana has seen a 20% decline in the weekly timeframe, losing the $200 level.

    Analyst Sjuul from AltCryptoGems asserted that SOL was “in freefall after that nasty deviation back into the range.” If Solana fails to hold the current $190-$200 range, the analyst considers it would be “very difficult” to find strong support before the demand zone around $150, a level not seen since the start of July.

    Similarly, market watcher Wise Crypto also noted that Solana could be in a make-or-break retest, as it retests a critical support zone and the overall market still shows some signs of weakness.

    According to the post, SOL has been trading within an ascending channel since April, bouncing between the upper and lower boundaries throughout this period.

    If the market’s recent volatility continues, the cryptocurrency could retest the channel’s support zone, around the $177-$188 levels. “If this zone breaks, the next major support is down below $150 — so caution is key,” they added.

    SOL Bounce Eyes $200 Reclaim

    Despite the volatility, Wise Crypto also signaled that “Stochastic RSI is signaling oversold conditions, suggesting a potential bounce could be on the horizon.” As a result, if SOL holds this support area, a move toward the $250 barrier could follow.

    As Solana approached its major ascending trendline, Crypto Batman noted that SOL has bounced from this level each time it has retested it, suggesting that “In the midst of chaos, you have to look at things from a different perspective.”

    Notably, SOL bounced from the recent lows on Friday Morning and is currently attempting to break above the $200 psychological barrier.

    Nonetheless, the cryptocurrency must daily close above this key level and continue to hold it over the weekend to transform the pullback into a downside wick deviation in the weekly timeframe.

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    Ted Pillows added that if this level is reclaimed, the $208-$210 area, near the 10-day Moving Average (MA), would be the next target.

    According to the market watcher, reclaiming and holding above that level would be the first bullish sign, which could potentially push Solana’s price toward $216–$220, near the 30-day MA.

    As of this writing, SOL trades at $199, a 1.4% increase in the daily timeframe.

    Solana’s performance in the one-week chart. Source: SOLUSDT on TradingView

    Featured Image from Unsplash.com, Chart from TradingView.com

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    Rubmar Garcia

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