Overview
Solana price has faced challenges, falling 30% over the past month. The SOL has dropped 10% in just the last 24 hours, hovering around $127. This Solana price has faced challenges, falling 30% over the past month. This decline comes amid a market-wide volatility that has affected major digital assets.
Market Context
The Bitcoin price drop to under $85k caused a huge liquidation of $2B, with positions tied to Solana being especially affected. Solana was technically breaking important support at the $130 level, which added to panic selling in the crypto market. In spite of these disappointments, there is some light at the end of the tunnel because the probability of the December Fed rate cut has risen to 71%. This has given Bitcoin and wider crypto market optimism, and this could be a relief in a generally bearish market.
“Crypto analyst Ali suggests that the Solana price has faced rejection at the upper end of its current price channel. The analyst predicts that the cryptocurrency will now probably approach the bottom of the channel, which is close to the $100 support area. As the resistance occurs at elevated levels, then the price of Solana will decline and will prove this important support level in the next few weeks. The price movement of Solana is attracting notice in a time when the cryptocurrency market is volatile. A consistent decline to below $100 may be an indication of further losses, and the rebound at this point may be the promise of a turnaround.”
Technical Outlook
The piece notes that Solana’s current trajectory points toward testing the $100 support area, with potential further declines if bearish pressure persists. A break below key support could imply continued weakness in the near term.
Analyst Commentary
Several market watchers highlight that a decline below critical support levels could extend losses, while any rebound would depend on broader macro signals and crypto market momentum.
Summary
The text presents a bearish view for Solana in the near term, citing a slide toward the $100 support and the influence of broader market volatility and macro factors on Solana’s price action.
Author’s Note
Author summarizes potential downside risk in Solana while acknowledging macro catalysts that could temper losses if market sentiment improves.