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Solana (Sol) saw a retirement of almost 40% in the last month, losing key support levels since February. While its price retains a key horizontal level, some analysts warn against a potential correction of 50% to an annual hollow.
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Solana loses the level of key support
Solana was one of the main cycle cryptocurrencies, fed by the same market frenzy. Altcoin climbed more than 270% in a year to its last level of all time (ATH) of $ 270, recorded almost two months ago.
Nevertheless, the bullish feeling of soil has considerably diminished Since January, he recently fell from his lowest point in more than a year. As a result, cryptocurrency fell by more than 50% compared to its January 19.
Solana lost the key support area from $ 200 to $ 220 at the beginning of last month, February market accidents sending Sol to retest its next crucial levels. After losing the $ 180 mark two weeks ago, its price planeed Between the fork from $ 130 to $ 150, going at the bar of $ 179 in early March.
This week’s market correction, which saw Bitcoin (BTC) drop to $ 76,000 for the first time in four months, So Solana to new monthly stockings.
Tuesday, the soil price briefly dropped to $ 111, a level not seen since the market of the market in August 2024, before returning to $ 125. In the middle of the current retest, pseudonym of occupied crypto trader warned This soil must “maintain this crucial support to maintain a bullish feeling greater than $ 100”.
Crypto Ali Martinez analyst before note The fact that the most crucial area for Solana seems to be between $ 110 and $ 125, because this horizontal level served as a key support during its rallies of 2021 and 2024. The analyst suggested that “the maintenance above this beach could be essential for the next.”
Solid price risks go to $ 60
Martinez also stressed that Solana could be on the verge of ventilation, because she broke below her key level. According to the jobSoil risks a 50% crash at the $ 60 bar if it does not hold the $ 125 support area.
The analyst stressed that the cryptocurrency has formed an upward expansion model at right angle since March 2024, when he recovered the level for the first time during this cycle.
During this period, each high level on the Solana graphic created a growing trend line at the top of the model, while the support of $ 125 knew “as a strong horizontal support trend”.
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However, the ground break below this horizontal area has increased the chances of a 50% price correction at the levels of the fourth quarter 2023. In addition, Martinez recently warned of a potential correction based on Solana’s commercial pair against Bitcoin, which began to look like an ETH / BTC graph.
The analyst suggested that the Flon / BTC graphic looked like Ethereum’s trading pair against the action of previous BTC prices, adding that if it continued to follow this model, the ground / BTC graph could see a fall in the region of 0.0008. After the recent price action, the trading pair reached a 15 -month lower 0.0014624 on Tuesday.
To date, Solana is negotiated at $ 124, a drop of 14% in the weekly time.
Star image of Unsplash.com, tradingView.com graphic
