Solana price has faced challenges, falling 30% over the past month. The SOL has dropped 10% in just the last 24 hours, hovering around $127. This decline comes amid a market-wide volatility that has affected major digital assets.
The Bitcoin price drop to under $85k caused a huge liquidation of $2B, with positions tied to Solana being especially affected. Solana was technically breaking important support at the $130 level, which added to panic selling in the crypto market.
In spite of these disappointments, there is some light at the end of the tunnel because the probability of the December Fed rate cut has risen to 71%. This has given Bitcoin and wider crypto market optimism, and this could be a relief in a generally bearish market.
Analyst Predicts Solana Price to Test Key Support Around $100
Crypto analyst Ali suggests that the Solana price has faced rejection at the upper end of its current price channel. The analyst predicts that the cryptocurrency will now probably approach the bottom of the channel, which is close to the $100 support area.
As the resistance occurs at elevated levels, then the price of Solana will decline and will prove this important support level in the next few weeks.
The price movement of Solana is attracting notice in a time when the cryptocurrency market is volatile. A consistent decline to below $100 may be an indication of further losses, and the rebound at this point may be the promise of a turnaround.
Solana ETFs Maintain 17 Days of Inflows
Solana ETFs are also recording a continuous increase in demand, with no promising in the volatile market conditions. The inflows have been ongoing, 17 days in a row, which is a stark contrast to the Bitcoin ETFs, which had the first outflows after only four days.
This upward trend in investment shows the increasing trust in Solana as the inflows in ETFs and the price of SOL are moving positively.
Source: CoinglassWill SOL Price Support at $120 or Fall Further
The SOL price plunged to $120 after a bearish trend. This decline follows a pattern of downward pressure over recent days, breaking key support levels.
If the selling pressure continues, the next major support level for SOL price stands at $100. However, a reversal could occur if the price stabilizes above the current support levels, with a potential target of $130 as per the Solana long-range prediction.
Source: SOL/USD 4-hour chart: TradingviewThe MACD shows a bearish signal where the blue line crosses the orange signal line, indicating additional possible downward movement.
The histogram indicates that there is more negative momentum as well, which supports the downward trend. The RSI stands at 40, which implies that SOL is approaching an oversold position.
Source: https://coingape.com/markets/will-solana-price-crash-under-100-as-crypto-market-signals-further-downside/
