Solana price could plummet as selling pressure on the altcoin increases
|- Solana price posted 9% losses over the past week, fueling a bearish narrative among investors.
- Analysts believe that $89 is a strong resistance for Solana price; it is trading around that threshold.
- Solana could plunge and the Ethereum-killer remains at a risk of collapse.
Solana price could suffer a drop with the mounting selling pressure on the altcoin. Analysts believe Solana remains at risk of collapse, it could plunge in the current cycle.
Solana price could collapse as traders across exchanges prepare to sell the altcoin
Solana price has posted losses over the past seven days as traders across exchanges increased the selling pressure on the altcoin. This has fueled a bearish narrative among traders, Solana price could therefore plummet.
Analysts have evaluated the Solana price trend and identified bearish momentum. Bears continue to dominate the Solana market across exchanges. The Ethereum-killer’s price has plunged to $81 zone.
The market capitalization of Solana plummeted consistently since the drop in the altcoin’s price. FXStreet analysts believe that Solana price could dip lower if it remains in the descending triangle. Solana price remains at risk of collapse, and the downside could be violent. Analysts believe $50 could be the bottom for Solana in the current cycle.
Solana price could head to the 100% Fibonacci extension where the upper range of the high volume node, a consequently high arm node, at $35. Therefore, analysts argue that Solana has a downside risk. The altcoin needs to get back above the 50% retracement in Solana price, to recover from the recent drop.
Solana price needs to get back inside the cloud to mitigate the risk of collapse. As long as Solana price remains outside the cloud, it could plummet further. Solana price has dropped consistently over the past few weeks. Once the price rises to the middle of the flag, Solana could recover from its downtrend.
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