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The Solana price is apparently At the edge of another major crashAs an analyst provides for $ 90 correction. Given the recent slow impulse of cryptocurrency due to the market disappointmentAn additional drop of 26% of new stockings could have a significant impact on the future prospects of Solana.
Forecast of Massive soil price crash analysts
Coinmarketcap data show that the Solana price has abandoned most of its Annual gains After his A massive price accident of 50% Earlier last month. Despite this downward performance, the Crypto Analyst of TradingView Madwhale strengths That pain is not yet over, projecting an even deeper price drop for popular Altcoin.
Related reading: Solana Price at the 2022 type accident line to return it to $ 22?
The analyst estimates that a drop of 26% to $ 90 could be on the horizon if Solana does not find the support appropriate. Share a detailed price that supports its downward predictionMadwhale suggested that the Solana Prize is currently in a Descending channelindicating a sustained downward trend.
The graph shows that the Altcoin prices movement reduces the upper and lower stockings, confirming its already lower structure. In addition, Solana is currently having trouble breaking over the key resistance area indicated by a right red line above the $ 130 threshold.
The curved red arrow in the graph highlights the trajectory to which Solana should move if it does not exceed the resistance levels. The level of $ 90 is also marked as the main monthly medium for Altcoin, where a Potential bounce or accumulation should occur. If Solana can retest this level of support, Madwhale thinks that it could recover enough to maintain a long upward trend.
While Solana is overall Price position and market trend are in redTradingView analyst recognizes that temporary optimistic movements could occur. However, these minor fluctuations would be short -lived because they are part of the wider drop trend.
In particular, Madwhale scored the brand of $ 100 as a level of psychological resistance for the price of Solana, where a drop to this threshold could influence its Feeling of the market.
The feeling of the Solana market goes to fear
Sensation of the Solana market recently tick up to 1 year oldBut the chain data shows an even more volatile trend. Altcoin Fear and greed at 34 indicate that he can approach areas of extreme fear. This suggests a potential period of panic sales by investors.
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Coincocex data Also underlines that the global trend of the Solana market is considerably lower. In the past 30 days, Solana has recorded more red days than green, signaling a downward trend. Due to its lower price action, Coincocex indicates that perhaps the bad time to buy Altcoin.
Commenting on the current feeling of the Solana market, Crypto Analyst Market Prophit notes that the crowd remains down on the cryptocurrency. However, intelligent money remains optimistic, fueling the hopes of a Inversion of price possible in Altcoin.
Adobe Stock star image, tradingView.com graphic
