Solana suffers as crypto market plunges, dropping below $150.
Current trends indicate potential drop to $100; recovery uncertain amidst market turmoil.
Strong demand at $100, but reaching $500 by 2024 remains doubtful amidst ongoing volatility.
The cryptocurrency market has been hit hard by the recent crash, and even top-performing blue chip altcoins like Solana (SOL) have not been spared.
The once-thriving SOL token has seen its market cap take a significant hit, resulting in a massive sell-off that has pushed its price below the crucial $150 mark.
As the market continues to tumble, investors are left wondering whether this correction is the final drop that could threaten a breakdown to $100 or if a bullish reversal is on the horizon. The question on everyoneâs mind is: Will Solana find the necessary bullish momentum to reach $500 by 2024?
Can Solana find the momentum?
Currently, Solanaâs native token is trading at around $145, with an intraday fall of 2.25%, resulting in another bearish engulfing candle. The downfall aligns with the broader market decline and has led to a retest of the broken resistance trendline.
With the chances of a post-retest reversal being minimal during this increased supply wave, the SOL price appears to be headed towards the $100 mark.
Technical indicators paint a mixed picture for Solana. The merging of the MACD and signal lines under the negative territory suggests a potential positive crossover. However, the ongoing downfall in SOL price could result in an extended negative trend. Â
Despite the current correction phase, the underlying demand for Solana remains strong at the psychological mark of $100. A broader market comeback could increase bullish momentum, resulting in a post-retest bounceback.
By the end of this month, Solanaâs market value might have reached its pinnacle at $200 due to the possibility that the rally would pick up steam. Nevertheless, given the current state of the cryptocurrency market, it is still unclear how to get to $500 in 2024.