Analysts predict Solana’s cryptocurrency to fall to $ 74

Solana SOL $84.56 Binance-Peg SOL -9.30% Market capitalization $93.01 million VOL. 24 hours $0.73 billion continues to fall after an unsuccessful attempt to gain a foothold above $ 102 and is trading below $ 95 at the time of publication. The asset maintains negative dynamics amid weak market sentiment, forming a local bottom at $ 89 and showing an increase in bearish momentum.

Technical analysis shows that the price of SOL remains below the 23.6% Fibonacci retracement level between the high of $ 106 and the low of $ 89, as well as below the 100-hour simple moving average. This confirms the current downtrend and indicates limited opportunities for a quick recovery.

The nearest resistance levels for Solana are at $ 93, $ 97, and $ 98, where the downtrend line is located. The main resistance zone is located at $ 102, and only its breakout can open the way to a price recovery with potential targets of $ 106 and $ 112.

In the event of further decline, the first support will be at $ 90. If it fails, the market could test $ 85, and a breakout of this level would create a risk of falling to $ 82 and even $ 74, which would increase pressure on investors.

Technical indicators confirm the advantage of sellers: The MACD in the SOL/USD pair shows an increase in pressure from them, and the RSI is below 50, which indicates the dominance of bearish sentiment in the short term.