This Crypto Trader Warns Solana Holders: SOL Price Correction Towards $80 ‘Cannot Be Ruled Out’
Crypto trader and analyst CryptoJobs3 has highlighted potential risks for Solana (SOL) holders. He warns that SOL may face a price correction in the medium term.
With SOL holding above key support levels, the trader noted that weak buying pressure and market indecision could lead to a decline towards $95-$98 or even $80.
What you'll learn 👉
SOL’s Key Support Levels Holding Firm
Solana’s price is trading at around $131.62, slightly above the critical support zone between $120 and $125. This zone has provided strong support in the past, preventing a more downward move.
However, @CryptoJobs3 warns that the lack of strong buying pressure could weaken the support, potentially leading to a correction.
On the daily chart, the price is struggling to break through several resistance levels, including $140, and the range between $150 and $152. The analyst emphasized that breaking these resistances is crucial for any bullish continuation.
Resistance Levels Pose a Challenge
Solana faces strong resistance at $140, $150-$152, and further up at $160-$162.50. These levels have previously capped price advances, and without buying momentum, SOL may fail to overcome these hurdles.
The descending trendline visible on the daily chart suggests SOL remains in a broader consolidation pattern, preventing a strong breakout.
The tweet also pointed out that in the event of a bearish reversal, the $98-$100 support level, or even the $80 mark, could be tested. These zones correspond to previous consolidation areas, adding weight to the analyst’s caution.
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Market Indecision and Weak Buying Pressure
Both the daily and weekly charts reflect a broader pattern of market indecision, with Solana struggling to find clear directional momentum. The Ichimoku cloud on the weekly timeframe indicates that SOL is still in bullish territory, but weak buying pressure may hinder further gains.
@CryptoJobs3 also noted that if Solana fails to break through its key resistance zones, a correction toward $80 cannot be ruled out. This aligns with the analysis of a potential medium-term price decline if buying momentum continues to falter.
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