Crypto trader and analyst CryptoJobs3 has highlighted potential risks for Solana (SOL) holders. He warns that SOL may face a price correction in the medium term.
With SOL holding above key support levels, the trader noted that weak buying pressure and market indecision could lead to a decline towards $95-$98 or even $80.
SOL’s Key Support Levels Holding Firm
Solana’s price is trading at around $131.62, slightly above the critical support zone between $120 and $125. This zone has provided strong support in the past, preventing a more downward move.
$SOL – Price analysis: The price is sitting above the 120 – 125$ key support zone. On the weekly; prices are holding above the SSA, but the buy pressure is weak. Large area of indecision [HTF] , there is no clear direction yet. In my opinion, a correction towards… pic.twitter.com/SS8uPMnHwm
— Crypto_Jobs TA & FA (@CryptoJobs3) September 16, 2024
However, @CryptoJobs3 warns that the lack of strong buying pressure could weaken the support, potentially leading to a correction.
On the daily chart, the price is struggling to break through several resistance levels, including $140, and the range between $150 and $152. The analyst emphasized that breaking these resistances is crucial for any bullish continuation.
Resistance Levels Pose a Challenge
Solana faces strong resistance at $140, $150-$152, and further up at $160-$162.50. These levels have previously capped price advances, and without buying momentum, SOL may fail to overcome these hurdles.
The descending trendline visible on the daily chart suggests SOL remains in a broader consolidation pattern, preventing a strong breakout.
The tweet also pointed out that in the event of a bearish reversal, the $98-$100 support level, or even the $80 mark, could be tested. These zones correspond to previous consolidation areas, adding weight to the analyst’s caution.
Celebrate Dogecoin and Make Big Gains with Doge2014!
Doge2014 raises 300K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +Show less –
Read also: Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run
Market Indecision and Weak Buying Pressure
Both the daily and weekly charts reflect a broader pattern of market indecision, with Solana struggling to find clear directional momentum. The Ichimoku cloud on the weekly timeframe indicates that SOL is still in bullish territory, but weak buying pressure may hinder further gains.
@CryptoJobs3 also noted that if Solana fails to break through its key resistance zones, a correction toward $80 cannot be ruled out. This aligns with the analysis of a potential medium-term price decline if buying momentum continues to falter.
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more Visit eToro Now Active user community and social features like news feeds, chats for specific coins available for trading. Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs. Copy trading: allows users to copy the trades of leading traders, for free. User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
The post This Crypto Trader Warns Solana Holders: SOL Price Correction Towards $80 ‘Cannot Be Ruled Out’ appeared first on CaptainAltcoin.
