Solana's price has plunged below 112 and is now struggling to maintain a support level of 100 The failure of this level could reduce the price to 9 92 A detailed review of the market situation and forecast of future trends SOL.
Can Solana withstand the pressure of sales or is it on the verge of a more severe fall? The price of Solana (SOL) recently experienced a sharp decline, falling below the 112 support zone. As sales pressure persists, the popular cryptocurrency now faces the risk of losing psychological support of 100.
More than 15% drop, Solana has entered the downhill zone.
After breaking important levels of 122 and 115, Solana also entered a downward phase, like bitcoin and Ethereum. One sign of this drop was the breakdown of the important contractile triangle supported by 118 on the Sol/USD pair one-hour chart. The move caused the price to fall by more than 15%, falling to around 102.
Currently, Sol prices are fluctuating in a range of less than 105 and a simple moving average of 100 hours, indicating a continuation of the downward trend.
Can the price be recovered?
On the upward trajectory, the initial resistance is at the level of l 105 If the price can pass this level, the next resistance is located in The 112 area, which corresponds to the 50% Fibonacci corrective level (from 121 to 102). Failure and high stabilization of key resistance 116 could pave the way for regrowth of up to 120 and even 125.
But here's the real question: Do buyers have the power to restore the upward trend?
Downside scenario: will the 100 level break?
If Solana fails to surpass the 105 resistance, there is a possibility of a fresh drop starting. The first serious support is at The 102 level and then at 100. The failure of this area can open the way for a price drop of up to 9 92, and if it fails, Solana may reach the level of 8 84 in the short term.
What do technical indicators say?
Hourly MACD: it is strengthening in the downward zone.
Relative strength index (RSI): below Level 50, which is a sign of weakness in purchasing.
