Friday, December 9, 2022

Solana (SOL) struggles at a crucial resistance – Here is why it could drop further

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Solana (SOL) has struggled to report any gains after trading in losses over the last three sessions in a row. The coin now looks very weak, and unless something drastic happens, it’s headed for further decline. Here are some highlights:

  • SOL has fallen sharply in the last 24 hours, dropping by almost 10%.

  • The coin still remains above a crucial $100 support zone

  • But this is unlikely to hold in the coming days

Data Source: Tradingview 

Solana (SOL) – How far can it fall

After surging at the end of March, SOL slowed sharply in April. The coin has fallen from its $140 highs and is now just above the $100 mark. SOL even managed to push below its lowest price in March of $107. This could suggest that we are on the brink of a trend reversal that could see more losses follow. 

In fact, if bulls lose the crucial psychological support zone of $100, then the only way for SOL will be downwards. The $100 and the $93 support zones have proved very strong in the past. While there may be some resilience in the days ahead, the $100 will be lost, and bulls will try to consolidate at $93. 

But if $93 is also lost, SOL will enter an intense downward spiral that could bottom at $77 before any leg up. This will represent a loss of nearly 30% from its current price and almost a 100% decline from its highest price in March.

Is it good to own Solana?

Solana is a big project, and if you don’t have it yet, this would be a nice time to buy it. However, because there is a significant downside risk, you may want to wait for a week or so. 

Based on current indicators on the chart, SOL is likely to bottom. When that happens, you can buy and hold SOL for the future.

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