Solana Falls Below $100 on Risk of Decline

Solana Falls Below $100 on Risk of Decline

Dec 31, 2023, at 20:19 // Price


After reaching a peak of $126.66, the price of Solana is now falling. CryptoGuestPosts provides a price analysis.

Bullish forecast for Solana's price over the long-term

Solana has consolidated above $97 since December 28. The selling pressure has eased over the moving average and support lines.

There are indications that the cryptocurrency is likely to continue falling. If the altcoin does retrace, and holds its position above 21-day SMA then the current rally is likely to resume. Solana's previous high of $126 will be reached. The current rally may end, however, if the bears continue to break above the SMA of 21 days and the bearish trend continues. First, the market will fall above its 50-day moving or low price of $73.

Solana Price Indicator Analysis

The crypto is still trading over the moving average lines, despite the drop below the $100 level of support. The coin's price will continue to rise so long as it remains above the SMA 21-day.

The price bars are below the moving-average lines on the 4-hour chart, which indicates that the cryptocurrency is likely to continue falling.

Technical indicators

Important Supply Zones: $80 $90 $100

Important demand zones: $60, $50, $40

What's the next step for Solana?

Solana has returned to the bullish trend after the pullback. Solana has fallen below the moving-average lines on the chart. On December 26, the price of Solana went through an upward correction, and a retracing body was tested at the 61.8% Fibonacci level. The upward correction indicates that Solana is likely to fall below the 1.618 Fibonacci Extension level, or $85.

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CryptoGuestPosts had reported that Solana climbed to $100 on December 22 before falling back down to $92 as support. On December 34, the market fluctuated between $92 to $100.

Disclaimer. This analysis and forecast is the author's personal opinion and not a recommendation for buying or selling cryptocurrency. It should not be seen as an endorsement from CryptoGuestPosts.com. Before investing in funds, readers should research the market.

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