🔥 Will Solana Price Kickstart Rally to $400 or Crash Lower?

Solana price faces a critical juncture as analysts predict a bullish breakout to $400 or risk deeper corrections amid market uncertainty.

Solana price a layer one crypto has witnessed a decrease recently, mirroring bearish trends across the crypto market. After November’s bullish rally broke critical resistance levels, the token entered a corrective phase. Crypto experts remain optimistic, predicting a potential rally toward $400. However, BTC price trading below $96k has heightened market concerns of extending the ongoing crash. The critical question arises: will Solana’s price drop further, or is a bullish breakout on the horizon? 

🔸 Is #Solana Price Primed for a $400 Surge or a Deeper Correction?

Solana price has struggled recently, failing to enter price discovery after its record high of $263 in November. Over the past 30 days, the cryptocurrency has displayed a clear downtrend, marked by lower highs and lower lows. While this 15% dip is significant, crypto analysts still believe that SOL still has a lot more potential for long term gains.

Currently hovering around the critical $175 support level, Solana’s technical indicators suggest a possible rebound in the near future. Some experts view this pullback as a buying opportunity, especially with weak sentiment dominating the broader cryptocurrency market. Investors are now questioning whether Solana’s stabilization at this level signals a chance to go long, despite the recent challenges and market-wide uncertainty.

Crypto analyst Captain Faibik has identified a promising breakout pattern in Solana price on its weekly chart. According to his analysis, SOL has emerged from a bullish pennant formation and is retesting critical support levels.

The analyst with this technical move proposes that investors buy the dip and hold SOL for $400. The recommendation also reaffirms strong belief that Solana will continue rising in the cryptocurrency market.

#SOL