Solana

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The post <a href="https://coinpedia.org/price-analysis/sol-price-fall-warns-30-drop-as-pullback-gains-momentum/" rel="noopener noreferrer nofollow">SOL Price Fall Warns 30% Drop As Pullback Gains Momentum</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
With the weekly chart showcasing a bullish reversal for Solana, the ongoing slump in the market leads to a retest phase. Further, the SOL price loses the psychological mark of $100 and struggles to absorb the increased supply.
Therefore, the increasing selling signals and the overall weakness in market momentum warn of a deeper correction in Solana. Nevertheless, our <a href="https://coinpedia.org/price-prediction/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price prediction</a> expects an overall bullish rally for Solana in 2024.&nbsp;
<figure class="wp-block-image size-large"><img decoding="async" width="1024" height="483" src="https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-1024x483.png" alt="" class="wp-image-262582" srcset="https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-1024x483.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-300x142.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-768x362.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-1536x725.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89-150x71.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/01/19141705/image-89.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
Source – <a href="https://www.tradingview.com/x/b4VJlmvM/" rel="noopener noreferrer nofollow">TradingView</a>
With a 10 week long bull run accounting for a 437% increase in SOL price, the altcoin crosses the $100 mark. However, the bullish exhaustion kicks in at the $125 mark with an increase in the overhead supply, resulting in a pullback.&nbsp;
The pullback phase comes as a retest of the crucial breakout levels as per the bullish group. However, the 20% drop in two weeks and the higher price rejections in the weekly candles warn of a downtrend continuation.&nbsp;
As of now, the SOL price trades at $93.87 following the 7.58% drop last night.&nbsp;
Technical Indicators:
Volume: The declining trend in the weekly chart follows the pullback phase in sync, reflecting a weakness in selling spirit. Hence, this increases the reversal possibility to cross $100.
MACD Indicator: The declining trend in the MACD and signal lines continues in the daily chart and approaches the zero line.&nbsp;
<h2 class="wp-block-heading" id="h-will-sol-price-resurface-above-100">Will SOL Price Resurface Above $100?</h2>
With the intense pressure on the pullback phase, the brawl for the upcoming trend is a pivotal point for Solana. Hence, the recent retest shows intense volatility and may result in some fakeouts on either side.&nbsp;
Nevertheless, the sideline buyers can find the $100 breakout as an entry spot with the upside potential to $125. On the flip side, a downfall under the 50-day EMA at $87.60 can drop the SOL price to $66.

SOL Price Fall Warns 30% Drop As Pullback Gains Momentum

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