SOL Plunges 12% Weekly: Here’s the Most Critical Support to Watch (Solana Price Analysis)

Solana failed to sustain its bullish momentum and has lots its uptrend.

Key Support levels: $78

Key Resistance levels: $104 

1. Bearish Breakdown in Progress

As soon as Solana fell under $100, the momentum shifted bearish and sellers took over the price action. Over the weekend, the price broke below its uptrend which put an end the rally that started in October 2023.

SOLUSDT_2024-01-08_14-07-26
Chart by TradingView

2. Key Support at $78

With buyers on the defensive, the first key support level where they could stop this correction is found at $78. This level used to act as a resistance on the way up and now it can act as support.

SOLUSDT_2024-01-08_14-11-20
Chart by TradingView

3. MACD Bearish Momentum Intensifies

The MACD histogram and moving averages are falling at an increasing speed which is a bearish signal that shows sellers dominate right now. SOL’s price will likely continue to fall as a result.

SOLUSDT_2024-01-08_14-10-52
Chart by TradingView

Bias

The bias for SOL is bearish.

Short-Term Prediction for SOL Price

All eyes are now on the key support at $78 which is the most significant support level on the chart. If buyers don’t return there, then this correction may last longer than anticipated.

Cryptocurrency charts by TradingView.


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