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Crypto analyst Madwhale has suggested that the Solana price could see more downward In the coming days. In particular, the analyst predicted that Sol ran the risk of a decrease to $ 125, because it re -testing an important level of support.
Solana runs the risk of a decrease up to $ 125 with support retest
In one TradingView -messageMadwhale predicted that the Solana price ran the risk of falling to $ 125 with the retest of the price level of $ 164, that is one Most important support level On the horizon. The analyst noted that this is a crucial level of support that has previously proved strong. However, he warned that this time it might not be the case.
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Madwhale noted that there were indications that the Solana price will soon be able to violate this daily support, which can cause a decrease of around 25%. If this price crash were to take place, the analyst stated that the price objective would be $ 125, that matches a Most important monthly support zone. He added that this area has traditionally been a critical defense against further decline, making it a crucial point in the current market analysis.
The corresponding graph of the analyst showed a break under the support level of $ 125, the Solana price could send as low as $ 80. It is worth noting that crypto analyst Pizzadriver recently also warned that SOL could witness a 2022-like crash, where the crypto drops to double digits.
The Solana price has already witnessed a considerable crash, which has fallen by more than 11% in the last seven days. Analytics platform of the chains Santiment recently noted that Solana’s market sentiment Has fallen to its lowest since the big withdrawal on January 20. Traders expressed frustration when Sol fell to a low price of 3 months of $ 161.
However, the platform offered some optimism with regard to the Solana price. Santiment noted that although the discussion speeds are extremely high and the crowds sentiment Beerarish is, this historically a signal is that there is a high bounce of likelihood.
A rebound is also on the cards
While Madwhale and Pizzadriver have predicted that the Solana -Price Could continue to crash, some other analysts have predicted that Sol could recover from the current level. In an X post, Crypto analyst noted Mr B that Sol is slowly recovering after yesterday’s decrease to around $ 160. He added that the crypto bounced perfectly from a daily support level.
In accordance with this, Mr B stated that he expected a healthy rebound to $ 185, although he warned that if the Solana price does not break, it might fall again. On the other hand, if Solana succeeds in pushing higher, the analyst predicted that the Psychological $ 200 level Could come soon.
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At the time of writing, the Solana price acts at around $ 172, an increase of more than 3% in the last 24 hours, according to facts Van Coinmarketcap.
Featured image of Adobe Stock, Chart van TradingView.com