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In the midst of the Market Retrace, Solana (SOL) saw a huge correction that dragged its prize to a low five -month low. If SOL fails to reclaim his most important support levels, some market guards predict the Altcoin risks further.
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Solana sentiment drops to low annually
On Monday afternoon, the cryptomarkt continued to bleed the weekend after he had not held his most important support levels. In the last 24 hours, most cryptocurrencies have fallen to monthly lows in the midst of the latest market correction.
Bitcoin, the largest crypto in market capitalization, moved from the $ 96,000 to the reach of his reach after the elections before he lost $ 90,000 support for the first time since November.
While the flagship bleed crypto, Solana followed, one of the leading altcoins this cycle, the steps of BTC. Sol fell 12% of $ 150 support, tapped $ 140 level and fell to $ 131 on Tuesday morning, the lowest price since September.
Analyst Miles Deutscher pointed out that Solana’s sentiment has reached its lowest level in more than a year. According to the post, the sentiment for Sol has not been that low since the cryptocurrency first recovered the $ 100 marking at the beginning of 2024.
It is worth noting that the market sentiment has shifted in recent weeks, in which various members of the community express increasing fatigue of the many Solana-based Memecoin-swam.
After the scales -token crash, in which more than $ 100 million was taken from investors, the market capital rotation started to see from Solana to Ethereum. At the time, the Sol prize fell by 12%, lost the $ 180 support zone and failed to win it back in the past week.
Deutscher stated that Solana “finally has his capitulation moment” after he is a winner last year. He also implied that the capitulation suggests that there could be a rebound.
Another decrease of 50% is coming?
Crypto analyst Jelle marked That Solana registers a decrease of 50% from January Highs and has been withdrawn to an important weekly level. The zone of $ 130 and $ 140 was an important level of support during the Breakout 2021 All-time High (ATH) and the 2024 rally.
Jelle also suggested that holding this area will be the key to the performance of Solana, because the upcoming token -planned for 1 March, will influence the price.
Ali Martinez commentary About SOL’s recent performance, noted that Sol’s trading couple against BTC resembles ETH/BTC. According to the analyst, the SOL/BTC graph is starting to resemble the trading couple of Ethereum against BTC’s earlier price action.
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If the pattern continues, SOL/BTC can be ready for a decrease from 50% to 0.0008, so that the price of Solana is sent to the $ 70 region.
Meanwhile, Altcoin Sherpa considers The region of $ 90- $ 125 a ‘good area in general’ to buy because he does not believe that Solana is ‘dead’. The analyst added that Sol will probably recover from the lows, but some volatility expects.
Sol $ 141.36 is currently acting, a 45% decrease in the monthly period.
Featured image of unsplash.com, graph of TradingView.com
