Solana Price Decline Continues, SOL Bulls Now Look to This Zone for Support

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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.


Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency