Solana Price Prediction: SOL Falls Below $140 with 8% Drop – More Selling Ahead?
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Over the past 24 hours, Solana’s price has experienced a notable 7.76% pullback, falling below the critical long-term support level of $139.50. This move suggests that Solana may be bracing for further declines.
This recent dip is part of a broader 10.78% loss since last Thursday, mirroring the retracement seen in major cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH)
Despite a 15.77% drop this month, Solana has recorded an impressive annual return of 595.28%, significantly outperforming other leading cryptocurrencies.
Furthermore, the trading volume for Solana has surged by 12.55% to $3.02 billion in the last 24 hours, indicating heightened trading activity and interest in the market.
Solana Breaks Long-Term Support – More Selling Ahead?
A closer look at the Solana price chart reveals that this increased volume may be indicative of further selling pressure.
Most notably, Solana’s price plummeted below a key long-term support level at $139.50, indicating weakening strength and a shift in market sentiment towards bearishness.Solana now appears to be moving towards a retest of the $135.65 resistance level (red). If it can successfully overcome this, it may fuel a reversal and reclaim the long-term support level.This is plausible given that Solana sits within oversold territory, with a relative strength index (RSI) (purple) of 30. This could be interpreted as the asset being undervalued, suggesting a correction is due. However, wider trends cast doubt on this prospect.Significantly, the 30DMA (yellow) is on a steep decline and has recently crossed below the 200DMA (blue), which is on a neutral trajectory. This indicates strong bearish short-term momentum and a potential shift in the longer-term trend from neutral to negative. Therefore, caution is warranted, as further declines may be ahead.While this sets a negative precedent for the near term, sustained long-term growth will likely hinge on fundamental factors. Significantly, headway is being made toward a Solana spot exchange-traded fund. VanEck, known for being one of the pioneering issuers of Bitcoin ETFs, has filed for a Solana ETF.This development could provide a significant boost to Solana’s adoption and investor confidence, influencing its long-term growth trajectory.
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