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Solana (Sol) has seen a portrait of almost 40% in the last month, losing key support levels since February. Since its price sees a key horizontal level, some analysts warn a potential 50% correction to an annual minimum.
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Solana loses the key support level
Solana was one of the main cryptocurrencies of the cycle, fueled by the frenzy of the market memecoin. Altcoin has risen by over 270% in one year until its latest maximum of all time (ATH) of $ 270, recorded almost two months ago.
However, Sol’s bullish sentiment has significantly decreased since January, recently precipitating to its lowest point in over a year. As a result, the cryptocurrency dropped by more than 50% from its ATH of January 19th.
Solana lost the key support key from $ 200- $ 220 to the beginning of last month, with the collapses of the February market that send Sol to repeat its subsequent crucial levels. After losing the sign of $ 180 two weeks ago, its price hides between the $ 130-$ 150 range, increasing for the sign of $ 179 in early March.
The correction of this week’s market, which saw Bitcoin (BTC) descend to $ 76,000 for the first time in four months, sent Solana to new minimum monthly.
Tuesday, Sol’s price briefly dropped to $ 111, a level not seen by the collapse of the market of August 2024, before returning to $ 125. Among the current revision, the pseudonym of committed Crypto warned that Sol must “maintain this crucial support to maintain a bullish sentiment greater than $ 100”.
The cryptographic analyst Ali Martinez had previously noticed that the most crucial area for Solana seems to be between $ 110 and $ 125, since this horizontal level served as a key support during his rally 2021 and 2024. The analyst suggested that “keeping above this interval could be the key to the next move”.
The risks of the price Sol go to $ 60
Martinez also stressed that Solana could be on the verge of a break, as it has fallen below her key level. According to the post, Sol risks a 50% collapse on the sign of $ 60 if he cannot contain the support area of $ 125.
The analyst highlighted that the cryptocurrency has formed an ascending rectal corner of expansion since March 2024, when he recovered the level for the first time during this cycle.
During this period, every highest every highest on Solana’s graph created an increasing trend line in the upper part of the model, while the $ 125 support held “as a strong horizontal support line”.
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However, Sol break below this horizontal area has increased the chances of a 50% price correction at the levels of Q4 2023. In addition, Martinez recently felt of a potential correction based on the Solana commercial couple against Bitcoin, who started to look like Eth/BTC’s table.
The analyst suggested that the Sol/BTC graphic descent seemed to be the trading pair of Ethereum against the action of the past price of BTC, adding that if it had continued to follow this model, the Sol/BTC graphic designer could see a drop in the 0.0008 region. After the recent price action, the negotiation torque reached a minimum of 15 months of 0.00114624 Tuesday.
At the time of drafting this document, Solana exchanges at $ 124, a 14% drop in weekly times.
In the foreground image from Usplash.com, graphic designer from tradingview.com