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Solana Price Prediction – After a Great Rise, Now the Downhill?

The Solana price is forming a head-and-shoulders formation. The only thing missing prior to the current crash was the right shoulder. From this perspective, it was natural that the price could rally a bit to form the right shoulder in the near future. However, this did not happen. Solana price was able to stay in the $127 – $133 support zone for a little longer. But in the past 24 hours, the support level was broken, as the entire cryptocurrency market crashed. What does this mean for the Solana price and what drove the Solana price crash? What are the next goals? Let’s analyze Solana!

Solana Price Crash – Key Support Broken!

Solana price had formed a support zone between $127 and $133. However, this zone was broken overnight, which is why analysts are bearish on the Solana price in the short-term as well as in the long-term. Technical analysts expect the price to drop even more in the near future to correct the extreme rise in the last bull run. While the Solana price could rally again to confirm the former $127 – $133 support zone as a resistance area, it does not change the macro view on the price.

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Solana price crash - SOL/USD 1-day chart showing the Head and Shoulders of SOL
Fig.1 SOL/USD 1-day chart showing the Head and Shoulders of SOL – TradingView

THIS is where Solana Price will Correct towards

The first target of the Solana price is between $66 and $80. That is where the next support zone is. The price could stay in this area for a while and possibly also correct something upwards. After that, we expect another sell-off to $40. There lies the closest support that could be tested.

Solana price crash - SOL/USD 1-day chart showing the potential further retracement
Fig.2 SOL/USD 1-day chart showing the potential further retracement – TradingView

If we reach $40 it would mean a correction of around 84% (from the all-time high). Such sharp corrections are common in altcoin bear markets, which is why we see it as not unlikely for the price to drop to $40.

Solana pumps
Solana pumps© Cryptoticker

The post Solana Price Prediction – After a Great Rise, Now the Downhill? appeared first on CryptoTicker.

Solana Price Prediction – After a Great Rise, Now the Downhill?  

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