Solana (SOL) Teeters on the Edge: A 40% Drop Could Be Imminent
Solana (SOL) is facing a critical moment as it struggles to break through the $140 resistance, even as the broader crypto market shows signs of recovery. Investors are growing uneasy, with concerns mounting over Solana's inability to ride the wave of the recent market rally.
Should Solana continue to underperform, it risks a severe drop, potentially plunging to its yearly low of $78. Despite its past resilience during market dips, Solana's current price action suggests that a significant correction may be on the horizon.
The $140 level is more than just a numberâitâs a crucial battleground. Failure to surpass this mark could set off a chain reaction, leading to further declines. Analysts are already eyeing $115 as the next key support level. If Solana canât hold the line, it could spiral down to $100, or even as low as $78âa potential 40% drop from its current position.
This outlook contrasts sharply with the performance of other cryptocurrencies, many of which have seen double-digit gains this week, while Solana has pulled back by nearly 7%. Amdtrades, a veteran analyst and asset manager, has highlighted the importance of the $140 mark. Once a strong support level, it has now become a formidable resistance. According to his analysis, if Solana can break through this barrier, a recovery could be on the cards, but failure to do so might lead to steep losses.
Currently trading around $130, Solanaâs next move is critical. The $140 resistance, bolstered by the daily 200 exponential moving average (EMA) at $139.26, has become a decisive point. Investors are watching closely, waiting to see if Solana will break out to the upside or continue its downward trend.
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