bullish

2024

Solana

April

<p><a href="https://cryptoticker.io/en/token/SOL"><i>Solana (SOL)</i></a><i> has been navigating turbulent waters in 2024, with significant price volatility and chart patterns suggesting potential further drops. As we move through September, traders are keeping a close eye on critical support levels, especially the $122 and $127 zones. This article combines recent price analysis and projections to explore whether Solana price will dip below $100 as some have expected and if so, what that might mean for its future.</i></p>
<h2 id="strong-solana-price-struggles-strong"><strong>Solana Price Struggles</strong></h2>
<p><a href="https://cryptoticker.io/en/solana-price-september-2024-outlook">Solana price movements have been concerning</a>, especially after closing August 2024 with its second-worst weekly performance of the year—a 19.14% drop. This followed a steeper 25.19% decline in July. In recent weeks, Solana price has hovered dangerously close to key support levels, sparking fears of further corrections.</p>
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_Solana_Price_Performance_5b85f6d0bf.png" alt="By TradingView - Solana Price Performance">
 <figcaption>
  <a href="https://www.tradingview.com/markets/cryptocurrencies/prices-all/?aff_id=127958">By TradingView - Solana Price Performance</a>
 </figcaption>
</figure>
<p>The derivatives market has seen a rise in Solana's open interest (OI) by 20%, coupled with a negative funding rate, signaling bearish sentiment. As futures traders increase short positions, this puts downward pressure on SOL. The funding rate has been in negative territory for over a week, marking its longest negative streak since October 2023.</p>
<h2 id="strong-key-support-levels-for-solana-price-127-and-122-strong"><strong>Key Support Levels For Solana Price: $127 and $122</strong></h2>
<p>The $127 price point is a critical support level for <a href="https://www.tradingview.com/symbols/SOLUSD/?aff_id=127958">Solana price</a>. Since April 2024, the coin has <strong>dropped below this level six times</strong> but managed to bounce back. However, in September, the situation looks more precarious. Losing the $127 support would push SOL toward a significant liquidity sweep near $110. If bearish momentum continues, SOL could even test the $98-$104 zone, a crucial demand area. This drop would represent a 22% correction, marking a new lower low for 2024.</p>
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/SOLUSD_2024_09_06_YTD_abc70ed2fd.png" alt="By TradingView - SOLUSD_2024-09-06 (YTD)">
 <figcaption>
  <a href="https://www.tradingview.com/symbols/SOLUSD/?aff_id=127958">By TradingView - SOLUSD_2024-09-06 (YTD)</a>
 </figcaption>
</figure>
<p>On the other hand, $122 remains another essential support level for the medium to long term. Historically, whales have identified $122 as a key price point, and any sustained drop below this level—especially for more than 5 to 8 days—could shift the entire market structure. A drop under $122 could signal further declines toward the $90 mark, where the next Fibonacci levels and rising trendlines may come into play.</p>
<h2 id="strong-solana-price-analysis-bearish-now-bullish-later-strong"><strong>Solana Price Analysis: Bearish Now, Bullish Later?</strong></h2>
<p>While Solana's price action in August and September appears overwhelmingly bearish, a deeper correction could set the stage for a bullish outcome in 2025. Analysts predict that if SOL experiences a drop in the short term, it could form a classic bullish cup-and-handle pattern, which may lead to a strong upward rally in 2025.</p>
<p>This theory hinges on SOL respecting its dominant chart structures and key Fibonacci levels. A short-term price drop to $90 would still keep Solana within these crucial zones, allowing the altcoin to regain momentum later. However, a deeper breach below these levels could signal a more prolonged bearish trend.</p>
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/SOLUSD_2024_09_06_3193c6f5e6.png" alt="By TradingView - SOLUSD_2024-09-06">
 <figcaption>
  <a href="https://www.tradingview.com/symbols/SOLUSD/?aff_id=127958">By TradingView - SOLUSD_2024-09-06</a>
 </figcaption>
</figure>
<h2 id="strong-what-to-expect-for-sol-price-in-september-and-october-2024-strong"><strong>What to Expect For SOL Price in September and October 2024</strong></h2>
<p>September could be a make-or-break month for <a href="https://www.bitget.com/spot/SOLUSDT?vipCode=94qs">Solana price</a>, with key support levels being tested and the overall crypto market experiencing continued uncertainty. Patience will be key as traders monitor these levels. If Solana price holds above $122, it might recover quickly in Q4 2024. However, if it drops below $100, a long-term bearish scenario could unfold.</p>
<p>October is expected to be a decisive month for <a href="https://cryptoticker.io/en/token">the entire crypto market</a>, including Solana. Traders should stay cautious and be prepared for further volatility as the market navigates this critical period.</p>

Solana Price Analysis: Bearish Now, Bullish Later ?

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