It does not feel like long ago that Solana (SOL) was racing past $500. However, like many assets, the altcoin has experienced significant corrections. The most recent decline occurred just a few days ago, and bears have now taken control. Key points include:
-
Solana (SOL) is likely to show more weakness and could fall toward $75 in the coming days.
-
At the time of writing, the token was trading around $83, down roughly 5% over the past 24 hours.
-
There are concerns that strong market headwinds could trigger a full price capitulation.
Data source: TradingView
Solana (SOL) – Where will the bears take it?
It is clear that bears currently have the upper hand for Solana (SOL). The token has faced one of the largest sell-offs among major coins over the past week or so, and chart patterns suggest bears are targeting $75 in the near term.
Bulls have struggled to gather momentum. Our analysis indicates that for the bearish outlook to be invalidated, SOL would need to close the week at $93 or higher by Friday.
While that outcome is not impossible, given the current market sentiment and prevailing geopolitical factors, it appears unlikely. We will have to wait and see whether weakness pushes the price below $75.
Is Solana (SOL) still hot?
When Solana launched, it quickly became one of the hottest projects in crypto and remained in the spotlight for some time. It still ranks among the most promising coins to consider.
However, with the current market volatility, now may not be the optimal time to invest. A more prudent approach is to monitor sentiment and look for signs of stabilization before buying.