📉 Solana Plummets 17% As SOL Hits $118: Is a Break Below Inevitable?
Solana (SOL) is currently experiencing a significant decline, dropping over 17% and reaching the critical $118 support level. This sharp downturn has put considerable pressure on this key level, raising concerns among traders and investors about the possibility of a further breakdown. The $118 level has historically been a stronghold for the cryptocurrency, but with the current bearish sentiment in the market, its ability to hold is still being determined.
With the help of key technical indicators, this article will provide an in-depth analysis of Solana’s current price actions, assess the likelihood of breaking the $118 support, and explore potential scenarios for SOL.
As of the time of writing, Solana has dropped by 17%, trading at approximately $119.78 in the past 24 hours. Solana boasts a market capitalization exceeding $54 billion, which demonstrates a decrease of 18.45% and a trading volume surpassing $9.4 billion, indicating an increase of 182.21% in the past 24 hours.
🔸 Potential Scenarios: What Happens if $118 Fails?
If Solana can maintain its current bearish momentum and close below the $118 support level, it may continue to move downward to challenge the $99.44 support level. When this level is breached, the digital asset may experience further price loss toward the $79.24 support range and possibly other ranges below.
Conversely, should SOL’s price close above the $118 support level, it will start to ascend once more toward the $160 resistance point. Following a break above this level, the crypto asset may see further price gain to challenge the $170 resistance level and perhaps other levels above.
