SOL could retest $174 amid bearish price action; Check forecast

Ke takeaways

Solana is the worst performer within the prime 10, down 6% within the final 24 hours.
The coin might retest the $174 assist degree as BTC and others underperform.

SOL dips 6% because the broader market sheds almost $200b

The weekend was bearish for Bitcoin, and different main cryptocurrencies recorded large losses. Bitcoin dropped to the $115k area after setting a brand new all-time excessive value final week, whereas Ether is now buying and selling round $4,285 after hitting $4,700 a couple of days in the past.

The worst performer among the many prime 10 cryptocurrencies by market cap is SOL, Solana’s native coin. SOL is down 6% within the final 24 hours and dangers dropping beneath $180 quickly if the bearish development continues. 

Regardless of the bearish efficiency, SOL has maintained its place because the sixth-largest cryptocurrency by market cap, behind Binance’s BNB. Nevertheless, if the unfavorable development continues, SOL might lose extra worth and see its market cap drop beneath $90 billion.

The entire cryptocurrency market cap dropped by almost $200 billion over the weekend as SOL, ETH, XRP, and BTC all recorded heavy losses.

SOL eyes $174 assist zone amid large sell-off

The SOL/USD 4-hour chart stays bullish and environment friendly regardless of Solana recording losses over the previous few hours. The technical indicators are switching bearish on the decrease timeframe, indicating that sellers are actually in command of the market.

The RSI of 37 exhibits that SOL is heading into the oversold territory if the bearish development continues. The MACD traces have additionally crossed over into the unfavorable area, suggesting a bearish development.

If the sell-off continues, SOL might retest the primary main assist degree and the TLQ at $174 within the coming hours or days. An prolonged bearish run would see SOL check the $155 low for the second time time month.

Nevertheless, the market might embark on a restoration, and SOL might reclaim the latest excessive of $209. An prolonged bullish run would see SOL surge increased and hit $250 for the primary time since February.