Solana plunges 6%, dipping below $135 – Eyes on $100 support

An extended bearish trend is on the horizon for Solana ($SOL), triggering speculation that a fall to $100 could be banked in the days to come. The token has lost more than 6% in the last 24 hours and 12% in the last 7 days. It is exchanging hands at $125.93. SOL must test support of $120 effectively to prevent further downfalls. Prices remain stuck in a descending triangle with a v-shaped recovery hampered amid fluctuations.

The SOL price plummeting below $135 is a loss the market wants to recover from as soon as possible. Any further fall and the value of a hundred dollars is not far from being locked, even if it gets booked briefly. The v-shaped recovery pattern was designed to surpass the $175 mark. However, the rejection of the $155 support level has taken that privilege away.

Solana price chart

There are two likely situations now—it could either jump as high as $180 or fall to $120, potentially registering a dip to $100. Overall trends are bearish but have not negated the possibility of a bull run. The SOL crypto prediction estimates the token to hover around $160 by year-end. There could be an upswing of 16.07% from the current value for SOL to touch the base at $146.07.

The FGI has rewarded Solana 29 points amid volatility of 8.05% and a 14-day RSI of 45.94. The 50-day SMA and 200-day SMA are $156.08 and $135.14, respectively.

The decline is rather in line with the overall crypto market. Bitcoin and Ethereum have plummeted by 7.68% and 10.52%, applicable in the same order, in the last 24 hours. They are listed at $54,011.34 and $2,851.76, respectively. Many eyes are on Ethereum since there is speculation about the approval of the Spot Ether ETF. Many believe the dip is potentially a base before it rebounds following the ETF approval.

Bitcoin is largely facing pressure from two sources – the German Government and Mt. Gox. The former continues to sell seized BTC tokens, and the latter has initiated a settlement process with its creditors. They acquired Bitcoin tokens in 2013 and are probably sitting on a large sum of profits. Similarly, the German Government is not precisely holding back from carrying forward Bitcoin liquidation.

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The impact is severe across the crypto market, as evident from the current scenario of Solana ($SOL). It remains to be seen where it moves in the coming days. A bottom of $100 and a high of $180 are in the picture. It is crucial to sustain the range of $130 and $145.

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