![Solana Appears to Be ‘Breaking Out From a Descending Parallel Channel’, Analyst Eyes $113 if It Can Hold This Level](https://captainaltcoin.com/wp-content/uploads/2023/10/image-123.png)
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.
![](https://captainaltcoin.com/wp-content/uploads/2024/01/image-612-1024x601.png)
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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