It doesn’t seem like long ago when there was talk of Solana (SOL) smashing past $500. But the altcoin, like many assets in the market, has seen massive corrections. The recent one came barely a few days ago, and bears now have the upper hand. Here are some highlights:
Solana (SOL) will continue to see more weakness and could hit $75 in the days ahead.
At press time, the coin was selling for $83, down about 5% for the last 24 hours.
There are fears that severe headwinds in the market could trigger a complete price capitulation.
Data Source: Tradingview
Solana (SOL) – Where does it end for bears?
There is no arguing that right now, bears have the upper hand as far as Solana (SOL) goes. The coin has faced one of the largest sell-offs of any major coins in the last week or so, and based on the chart pattern; bears are targeting $75 in the coming days.
Also, bulls have struggled to gain any traction. In fact, our analysis shows that for this bearish outlook to be invalidated, the coin would have to push a weekly close of $93 on Friday.
While this is not entirely impossible, based on the current sentiment in the market and prevailing geopolitical factors, it is highly unlikely. We are going to watch and see if the weakness continues below $75.
Is Solana (SOL) still hot?
When Solana (SOL) came out, it was by far one of the hottest projects in crypto, and it remained so for quite some time. It’s still arguably one of the most promising coins to buy.
But with the current volatility in the market, it’s probably not the best time to invest. It would be advisable to watch the sentiment and buy when there are some signs of improvement.
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