Altcoins

Solana May Record a Bearish Day Close, Will SOL Price Plunge Below $100?

Written by: Sahana Vibhute

Written by right arrow

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

  • author facebook
  • author twitter
  • linkedin

Feb 2, 2022

news-image
Highlights

    A fresh plunge is extracting the Solana price drastically, and with a continued trend, it may lose the 3-digit figure too

    Yet the buyers appear to be waiting for the plunge to quickly jump in and uplift the price to its initial levels

After thriving above the danger zones for some time, the crypto space is yet again ignited with a reversed trend. The Bitcoin price plunged below $38,000 and almost all the altcoins are plummeting with notable margins. Therefore, Solana price which recorded the highest volume after Bitcoin and Ethereum (excluding the stablecoins) is undergoing a notable downtrend. Following a similar trend, the SOL price eventually hit immediate support and attempt a rebound. 

The SOL price ever since smashed the highest levels close to $260 is following a notable downtrend like many other crypto assets. However, the asset halted the downtrend and began to recover the loss by undergoing a notable uptrend from the past couple of days. With the next leg up, the asset may have smashed the local resistance at $118. Yet the fresh plunge has now placed $100 at stake. 

Also Read : Litecoin is About to Break The Crucial Resistance, Will the LTC Price Smash $125 Today?

  • Despite the SOL price is plunging yet it is still on trach to test the upper resistance of the symmetrical triangle
  • The plunge has occurd much before the first ever Solana death cross and hence with the completion of the event, the asset is expected to drain some more of its value
  • Therefore it is very much likely to lose $100 and test the immediate support at $90 and initiate a rebound
  • As the zone in between $88 to $90 is said to be an extreme demand area. Here the buyers are all set to jump in and uplift the price to reverse the trend.
  • And hence within no time the asset may rise back above $100. Further it may head towards the target set at its ATH initially in the first half of 2022. 
  • The MACD in the HTF is also bullish despite the current downtrend and about to let out a ‘buy’ signal

Currently the important level to be closely watched is the price zone around $100 which could also assist the Solana (SOL) price to sustain for some time. However, if the bear increases the strength then the lower levels may be tested and also cleared to some extent. 

Also Read: Solana Death Cross in Next 24 Hours, SOL Price 40% Plunge Appears Imminent!

Show More

Was this writing helpful?

dislikeimage No myImage Yes

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

Related Articles

Back to top button