After the US Stock market crash on Monday, the crypto market followed, and this led to a lot of altcoins bleeding. One of those is Solana.
The SOL price had slow action anyway for most of August, but didn’t start September on a high note either.
In fact, the recent downturn brought Solana price from $145 levels all the way to $125 yesterday. However, what is encouraging is that the SOL price managed to bounce back and pumped 3% in the last 24 hours. It’s now trading around $132.
This means that $125 now acts as a support.
We like to cover YouTuber “Clinix Crypto” who posts high-quality videos on various coin price analyses. He just posted a new video yesterday and updated his Solana price forecast.
What you'll learn 👉
Critical Support and Resistance Levels
According to Clinix Crypto, the primary support range for Solana lies between $115 and $125. This is described as the critical level that needs to hold for Solana to maintain any bullish momentum. If this level fails to hold, there’s a risk of dropping to $100, and potentially further to the major support zone of $85 to $80 (which is roughly 40% down from the current levels).
On the upside, if Solana finds strength, the immediate target would be the resistance area around $160. Breaking above this would indicate a stronger bullish reversal.
Downtrend Analysis and Relative Strength
The YouTuber noted a small bounce in the morning, with Solana showing slightly more strength than Bitcoin. Despite this, he’s not convinced that Solana has enough strength to break its ongoing downtrend, which began on August 26 on a 4-hour time frame. A breakout above $132 to $134 is necessary to signal a potential reversal of the downtrend.
While Solana showed some relative strength compared to Bitcoin during a bounce, with Solana’s ecosystem (including GITO and WIFF tokens) performing slightly better, this wasn’t enough to change the overall bearish outlook. The bounce was small, and the price remains in a downward trajectory.
Solana Price Forecast
Clinix Crypto predicts further downward movement into the $115 to $120 support range. Due to the strong nature of this support, he expects it to hold, but emphasizes the need for a strong reaction at this level.
Liquidation events, like the ones seen this week, are one reason the presenter considers that this level could be the bottom. However, he requires further confirmation, such as a breakout above $132 to $134, to believe that the short-term downtrend is over.
On higher timeframes, Solana is seen to be consolidating, but no strong bullish reversal signs have emerged yet. This consolidation suggests that while the market isn’t in a freefall, it hasn’t shown the strength needed to reverse the ongoing downtrend either.
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Read also: If You Invest $1,000 in Solana Today, How Much Would You Have in 2025 If Bitcoin Price Hits $100k?
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