Solana approaches serious levels. Will SOL price drop below $100 by the end of the week?
Solana’s short-term price analysis appears to be largely bearish as the bulls failed to defend lower support. The price was trading within an ascending triangle and was heading towards a peak. However, a recent rejection below $115 caused the token to lose over 12% of its value. While the bulls have maintained triple-digit numbers, the impact of the downside could still plague the rally through the end of the month.
Solana price was expected to experience similar price movements as Ethereum since both chart patterns are similar to each other. However, the token may not be able to overcome crucial resistance, raising major concerns about an imminent rally. Additionally, with the current market sentiment flowing towards AI and DeFi tokens, popular tokens within the top 10 may experience a bit of a volume crunch for some time.
In this case, will the price of Solana (SOL) fall below $100?
Long-term price action is indicated by the Gaussian channel being colored green, indicating the price at which it will trade under bullish influence. Moreover, the stochastic RSI has indicated low support and is about to initiate a bullish crossover, flashing a buy signal. This may suggest that the token may be able to withstand the minor bearish pressure currently prevalent, but the upcoming weekly close could send a firm signal for the upcoming monthly close.
As you can see from the chart, over the long term, SOL price is trading within a crucial symmetrical triangle. Since the beginning of the year, the token has been working hard to break through the resistance of the triangle. In the previous attempt, StochRSI had peaked so the bearish pullback was very evident. However, the current level is set to turn bullish, meaning the price could start a new uptrend and reach the initial target of $130 and above.
If these levels are achieved and maintained, a leap towards $200 could be imminent. Therefore, one famous analyst Altcoin Sherpasays,
“You should just buy and not worry about short-term price fluctuations. Just relax and wait at least 6 months. “I think 2024 will be pretty good.”