Will the $SOL price head back to $100? - CoinPedia Analytics

Solana (SOL) is currently experiencing a prolonged period of price consolidation, with recent market behavior indicating a possible further decline. Historically, Solana's pullbacks last 20-30 days, while its sharp drops occur over just 7-14 days. The last significant drop unfolded within just 8 days, followed by a consolidation period of 55 days. Currently, SOL is trading within a descending parallel channel, struggling below key moving averages.

Technical indicators signal further downside risk. The RSI is forming lower lows, hinting at a test of support around $120, while the MACD shows increasing selling pressure. Should SOL lose the $135 level, it may fall to $127, and a break below $115 could trigger a deeper decline to $88. Without a strong support base above $100, Solana's price may be in for a challenging period ahead, with bears likely to remain in control in the near term.