- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Dogecoin Price Forecast: Bulls deploy $355M in DOGE longs amid Gensler exit confirmation
Dogecoin price crossed $0.40 on Friday, after a weeklong consolidation that saw DOGE tumble 13% from last week’s peak. Derivative market reports link the DOGE rally to Gary Gensler’s imminent exit.
Crypto Today: XRP gains 10%, Cardano, XRP, and DOGE price rallies, delay Bitcoin’s $100K breakout
The global cryptocurrency sector pulled $230 million capital inflows on Friday, as markets reacted positively to news of SEC Chair Gary Gensler’s imminent exit.
Cardano Price Forecast: ADA could rally by another 30% as on-chain data signals bullish sentiment
Cardano (ADA) surged 24% to $0.98 on Friday following rising weekly active addresses, increased open interest and spot buying pressure.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: Rally expected to continue as BTC nears $100K
Bitcoin (BTC) reached a new all-time high of $99,419, just inches away from the $100K milestone and has rallied over 9% so far this week. This bullish momentum was supported by the rising Bitcoin spot Exchange Traded Funds (ETF), which accounted for over $2.8 billion inflow until Thursday. BlackRock and Grayscale’s recent launch of the Bitcoin ETF options also fueled the rally this week.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.