Clinix Crypto, a prominent analyst with over 70k subscribers on YouTube, explores Solana’s latest market condition and whether its price will continue to decline or rebound to crucial levels.
He mentioned that Solana’s price has been moving in a bearish direction for some time. Even though earlier forecasts indicated a rebound, the market has changed, posing fresh difficulties for Solana’s immediate future.
This $144 price level has emerged as a pivotal point for Solana. Clinix Crypto explains that this level is the “Point of Control” (POC), a key support within Solana’s range. Despite previous expectations that Solana would consolidate between $144 and $146 and push toward $170, the coin has been unable to hold this level.
The speaker emphasizes the importance of reclaiming $144 within the next few daily candles to maintain any bullish momentum. However, failing to do so could lead to further declines.
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Solana’s Performance Against Bitcoin
Another thing driving Solana’s downfall is its poor performance in comparison to Bitcoin. Investors continue to prefer Bitcoin over other coins like Solana as the market enters a “de-risking” phase.
The analyst mentioned that, at this time, Solana’s fundamentals are not strong enough to drive a recovery without outperforming Bitcoin. This correlation has further weakened Solana’s price action, keeping it below critical levels.
Potential Scenarios: Will Solana Price Drop Below $120?
If Solana cannot reclaim $144, Clinix Crypto predicts a further drop towards $120 to $125. Solana’s price has been consolidating between $160 and the low of $120 for an extended period, making this range familiar.
However, if global unrest or market instability intensifies, there is a risk of Solana dipping even lower than $120. Although this bearish outlook dominates the current analysis, there is a slim chance of Solana’s price reversing its trend if it can reclaim key support levels.
Read Also: Cardano (ADA) Price Correction Not Over Yet: Analyst Warns of Final Drop Before Recovery
Long-Term Outlook for Solana
Looking further ahead, the speaker explains that Solana will likely stay within its established range for some time. A drop to $120 would be a crucial moment for the coin, as holding this level could prevent further losses.
Moreover, there is still a chance for a bullish reversal, even with the pessimistic prognosis; nevertheless, this is seen as a low-probability scenario. It will be necessary to reevaluate the issue in light of the overall state of the crypto market if Solana does fall under $120.
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