Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom

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Like Bitcoin and other top altcoins, Solana continues to dump at press time, rewinding losses of the primary a part of the 12 months. At press time, SOL, the native currency of the smart contracts platform, is trading at around $130, retesting a critical support level.

Because it is, the third-most precious crypto asset is down nearly 40% from 2024 highs of around $210. Technically, sellers are on top of things, and unless there’s a pointy shift in trend favoring buyers, the short-term will proceed to be bearish.

Is SOL Preparing For $100? Triple Bottom Forms

Though some analysts are upbeat, expecting a rebound toward the $200 zone in the approaching days and weeks, others are bearish. Taking to X, one analyst said SOL, in keeping with the present state of price motion, thinks the coin will slip to as little as $100.

This outlook, it ought to be noted, follows the recent drop from a key resistance, previously supported, level at around $140. With the coin changing hands at $130, the analyst is convinced there will likely be more losses in a bear trend continuation pattern. From his outlook, SOL will trickle lower “if nothing changes” out there.

SOl is weak | Source: @DU09BTC via X

The forecast, taking a look at the candlestick formation within the every day chart, isn’t surprising. As mentioned earlier, SOL is down by nearly 40%% from March highs.

With prices consolidating and moving inside a big selection of between $210 on the upper end and $130 on the lower end, this prediction aligns with recent price movement. Presently, SOL is now retesting multi-month support as a triple bottom form.

Solana price trending downward on the every day chart | Source: SOLUSDT on Binance, TradingView

For the printout of the uptrend from October 2023 to March 2024, SOL must find support around spot rates. Subsequent gains above $140 and $160 could spark demand, lifting the coin toward $190 and, finally, $210 or 2024 highs.

Solana Dumps, Bitcoin Sell-Off And Pump.fun Liquidation Impact Sentiment

Even so, the leg up will rely on a large number of things. A recovery in Bitcoin prices would almost likely lift altcoins, of which SOL is extremely ranked. Besides this, the resurgence of meme coin activity on Solana will likely be an enormous price movement.