Price Analysis View Non-AMP

SOL Price Drop Tests 50% Fib Level, Eyes For Bounce Back!

Published by
Sohrab Khawas

Amidst the broader market crash, the top blue chip altcoins are taking a huge hit to their market cap, resulting in a massive sell-off. From being a top performer, the SOL price tanks amidst the sell-off resulting in another drop under the psychological mark of $150.

Is this correction the final drop threatening the $100 breakdown or a bullish reversal waiting ahead? Will Solana find a rise in bullish momentum to hit $500 in 2024? Find out more in our SOL price prediction

Will Solana Cross $200?

With a bullish recovery rally from a crucial support trendline, the SOL price reclaimed the $150 mark. However, the altcoin failed to exceed the 31.80% Fibonacci level, which was close to $165, resulting in another evening star. 

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The downfall aligns with the broader market fall and retests the broken resistance trendline. As the chances of a post-retest reversal are minimal during the increased supply wave, the SOL price is headed towards $100.

Currently, Solana’s native token exchanges hands at $143 with an intraday fall of 2.25%, leading to another bearish engulfing candle. Further, the downfall could rechallenge the bullish dominance at the support trendline. 

Technical Indicators:

MACD Indicator: The MACD and signal lines are merged under the negative territory, teasing a positive crossover. However, the downfall in SOL price could result in an extended negative trend.

DMI: The DMI indicator shows a downtick in the ADX line, reflecting a loss in trend momentum. Further, the VI lines threaten a negative crossover. 

Will SOL Price Hit $500?

Despite the ongoing correction phase the underlying demand stays strong for Solana at the psychological mark of $100. Further, a broader market comeback could increase the bullish momentum resulting in a post-retest bounce back. 

If the SOL price crosses the 61.80% Fib level and the psychological mark of $200, the buyers are aiming for higher levels. Considering the uptrend regains momentum, the Solana market value can peak at $200 by the end of this month. 

Sohrab Khawas

Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.

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