Solana (SOL): Can This Support Prevent a 30% Nosedive?

  • Solana’s price remains inches away from testing the $80 range low, breaching which might trigger colossal plummets.
  • Failure to maintain beyond $80 will welcome a 28% drop to $57.63.
  • A daily candle closing beyond $94.64 will cancel SOL’s bearishness.

Solana’s price reflects buyers struggling amid the latest downward move. Another selling momentum upsurge might catalyze a sell-off that pushes the token under its closest support before flipping it into resistance.

SOL at Inflection Level

The latest price actions have Solana retesting its range, extending between $80 and $121. It emerges after the latest (1 April) sweep beyond the range peaks. Such developments saw Solana losing approximately 43% and currently retesting the $80 bottom limit.

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Though Solana touched the obstacle on 24 January and swept under it on 24 February, the prevailing crash came when Bitcoin and the broad market suffered enormous selling momentum. Meanwhile, failure to steady beyond the support of $80 will be detrimental for Solana holders and bulls. Violating the mentioned barrier will catalyze a 28% plummet towards the foothold at $57. Buyers can step up to accumulate SOL at discounted prices following the drop and trigger another upswing.

On the other side, buying strength resurges might see Solana producing a daily candle closing beyond $94.64. Such a move will form a temporary higher peak. That would mean bulls’ favoritism, canceling the bearish narrative for the alt. Meanwhile, Solana can climb towards the supply region at $108 – $113.

While publishing this blog, Solana traded at $82.64. The alternative crypto dropped nearly 11% within the previous day (Coinmarketcap data). The token stayed above critical support of $80. Remember, losing this foothold will trigger enormous drops for the alt, taking SOL to $57.63.

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As highlighted before, Solana’s dip comes as Bitcoin and the overall marketplace hover in the red. Overnight sessions saw the market crashing as most tokens erased gains after the Wednesday FOMC meeting. Though Fed sounded somewhat dovish during the conference, market players gradually responded to the increased rates, resulting in sell-offs across the financial space. That shifted market sentiment, highlighting more drops in-store. Solana will hardly escape its downtrends amid such market conditions.

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