Solana Sentiment Hits 1-Year Low, Analyst Suggests Drop To $70
In a market review, Solana (Sol) made a massive correction, dragging its price to a five-month low. If SOL fails to recollect its main support level, some market observers predict that altcoin risk will bleeding further.
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The cryptocurrency market continued to bleed over the weekend Monday afternoon after failing to maintain its main support levels. Most cryptocurrencies have had this in the past 24 hours Falled Monthly lows in the latest market corrections.
Bitcoin is the largest cryptocurrency in the market capitalization, moving from the $96,000 mark to the range low of the electrical post-range, and then losing $90,000 in support for the first time since November.
With the bleeding of flagship cryptocurrencies, Solana is one of the leading altcoins this cycle, following the steps of BTC. Sol fell 12% from $150 support, hitting the $140 level on Tuesday morning to drop to $131, the lowest price since September.
Analyst Miles Deutscher noted Solana’s sentiment has reached its lowest level in more than a year. According to reports from the post, SOL has not been so low since the cryptocurrency first recovered $100 in early 2024.
It is worth noting that market sentiment has changed over the past few weeks, with several community members expressing the fatigue of numerous Solana-based Memecoin scams.
Libra token crash, received over $100 million in funding from investors, market start See the capital rotation from Sorana to Ethereum. At the time, Saul’s price fell 12%, losing the $180 support zone and failed to reclaim it in the past week.
Deutscher said Solana “finally has its moment of surrender” after her best performance last year. He also suggested that the surrender indicated a possible rebound.
Another 50% drop is coming?
Crypto Analyst Jelle Highlight Solana has dropped 50% from its January high and has fallen back to key weekly levels. The $130 and $140 area are key support levels for the 2021 all-time high (ATH) and 2024 rally.
Jelle also suggested that holding this area would be key to Solana’s performance, as Coming soon Token Unlock, scheduled for March 1, will affect its price.
Ali Martinez Comment Regarding SOL’s recent performance, it is pointed out that the trading pairs of SOL and BTC are similar to ETH/BTC. According to analysts, the SOL/BTC chart is starting to look like Ethereum’s trading pairs are in contrast to BTC’s past price action.
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If the mode continues, Sol/BTC can reduce the price of Solana to $70.
Meanwhile, Altcoin Sherpa consider $90-$125 for the “overall good area” of the area to buy because he doesn’t think Solana is dead. Analysts added that SOL may recover from the trough, but expect some volatility.
As of this writing, SOL is trading at $141.36, with a 45% drop in the monthly schedule.
Featured images from Unsplash.com, charts from TradingView.com
