The price of Solana (SOL) has been declining over the past three weeks after a strong bullish run from September through December of last year. It is currently trading around $91. Many Solana bulls had anticipated the run to continue, but recent technical analysis suggests there is no sign of reversal on the horizon yet.
According to the chart analysis tweeted by @ChartMonkeyBTC from trader @protrader_365, Solana is heading towards a support line in what appears to be a corrective wave in the 4-hour timeframe. The analysis expects Solana to drop to the support zone between around $82-$75 after breaking below the current support line around $91.
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Show more +This would represent an additional 5-10% drop from the current price. The analysis sees greater likelihood of a move down towards the next key support level rather than a bounce from the current area.
Bulls are hoping the support around $82 and prior price consolidation area between $75-$80 will attract enough buyers to halt the multi-week slide. However, continued selling pressure could invalidate the $82 support and open the door to a fall below $75. Bulls are anxiously watching to see whether $82-$75 holds firm or if a deeper correction develops.
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