Solana is in Great Trouble—May Crash Below $100 if SOL Price Loses This Important Support Zone

The crypto markets are plummeting. Bitcoin value is about to lose the essential help at $60,000. The rising uncertainties because of the warfare scenario between the 2 international locations have additionally had a heavy affect on the normal monetary markets and the crypto markets. This has negatively impacted the SOL value rally, which is about to lose one of many key help ranges between USD 136 and USD 138.

What occurs if the token loses these ranges? Will SOL value return to $100?

Solana experiences dynamic value motion the place the pullback lasts for weeks or months, whereas the decline could also be over inside days. After the March 2024 excessive, every pullback has lasted between 20 and 30 days, whereas the declines have occurred inside 7 to 14 days. The final main decline developed inside a brief interval of eight days. After this decline, SOL value consolidated for nearly 55 days. If the present decline happens in late July or early August, the Solana value could possibly be in large bother.

Like Bitcoin, Solana can also be caught in a descending parallel channel and has fallen beneath the channel’s common bands. The RSI can also be forming a brand new decrease low, indicating that the worth is about to check the decrease help on the higher timeframe, round $120. Moreover, the MACD is displaying an increase in promoting strain, which might delay the seemingly bullish crossover.

At the moment, SOL value is buying and selling beneath the transferring averages that lately acted as help. Due to this fact, the token is believed to drop to $127 as soon as it loses $135 and if these ranges are misplaced, the subsequent pit cease could possibly be $120. These will be thought of the final robust help above $100 because the channel’s decrease help could not present a powerful base. Due to this fact, a drop to $88 could possibly be imminent if the Solana value falls beneath $115.