SOL/USDT Price Analysis
On October 3, 2024, Solana ($SOL ) is facing significant pressure due to a large whale sell-off, including a $1 billion SOL sell by FTX. The price has already dropped below the critical $138 support level, increasing the likelihood of a decline below $120 in the coming days.
Should SOL fail to hold its next support level, the price could fall below $100, marking the bottom of the current bearish trend. Both the traditional and cryptocurrency markets have been affected by global uncertainties, such as geopolitical tensions. This has further weakened the SOL price, which is now teetering between $136 and $138, raising concerns about a potential drop to $100.
Solana’s price movements have been volatile, with pullbacks lasting weeks while drops occur in days. For example, a previous drop took only eight days, followed by 55 days of consolidation. A similar decline may be developing, with the current trajectory suggesting deeper trouble ahead.
Like $BTC , Solana is trading within a descending parallel channel, and its RSI indicates a potential test of lower supports around $120. Additionally, the MACD shows increased selling pressure, delaying a possible bullish recovery. Currently trading below its moving averages, which previously served as support, SOL may drop to $127 if it breaks below $135. Further losses could bring the price to $120, the last significant support above $100, with a potential fall to $88 if SOL dips below $115.
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