Solana Price Analysis: Will Market Sell-off Push $SOL Back to $100?

#BinanceLaunchpool #bitcoinhalving #BullorBear #Memecoins #BTC Solana Price Analysis: On Tuesday, the cryptocurrency market witnessed a major outflow following the lead of Bitcoin price correction to $60000. The sudden sell-off tumbled most of the top altcoins including Solana which recorded an 11% intraday loss. The falling price teasing a breakdown from multi-month support hints the sellers lead an extended correction trend in the near term. In April, the layer 1 cryptocurrency Solana experienced a sharp downturn as market uncertainty intensified due to the Bitcoin Halving event The bearish downturn plummeted the SOL value from $204 to the current trading price of $122, registering a 40% loss.An analysis of the daily chart shows the downward trend retesting an ascending trendline intact since late November 2023. The coin price rebounded several times from this support indicating an active accumulation from investors at market correction, a key signal of an established rally.

If the demand pressure at the aforementioned trendline is intact, the Solana price should prevent a breakdown below this support bolster for renewed recovery. Thus, the coin suitability above the support trendline will be a crucial factor for SOL holders and potential buyers in the coming weeks.

On a contrary note, if the altcoin breaks below the dynamic support with daily candle closing will favor sellers to lead an extended correction. The post-breakdown fall may tumble the asset to $98.5.