Solana

Bitcoin

Solana Price: As the Bitcoin price hovers below $65,000, the altcoin sector is experiencing performance issues. The volatile market conditions have particularly impacted Solana’s native token, <a href="https://coingape.com/blog/solana-price-will-sol-price-bounce-back-before-bitcoin-halving/" rel="noopener noreferrer nofollow">SOL</a>, which has seen its market value dip below the $150 threshold. This correction has brought it down to crucial support levels, where traders are keenly watching for a potential reversal point.&nbsp;
Amid this uncertainty, investors, colloquially known as sidewinders, are poised for a bullish entry. Will the altcoin drop to $100 or take an early reversal to resurface above $150?
Also Read: <a href="https://coingape.com/trending/solana-memecoins-face-weekly-selling-pressure/" rel="noopener noreferrer nofollow">Solana Memecoins Face Weekly Selling Pressure</a>
<h2 id="b-here-s-why-120-level-stands-as-crucial-support-for-solana-price-b">Here’s Why $120 Level Stands As Crucial Support For Solana Price</h2>
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/r/rocEczw1.png" alt="BINANCE:SOLUSDT Chart " width="1946" height="893">
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 Solana Price| Tradingview
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With the broader market uncertainty intensifying, <a href="https://coingape.com/markets/sol-price-forecast-will-solana-ever-see-260-record-high-again/" rel="noopener noreferrer nofollow">Solana</a> struggles to pause the increasing supply waves. The growing selling pressure leads to an almost 40% fall in the SOL price within two weeks.&nbsp;
<blockquote>
 Amidst the downfall, this high-performance altcoin loses the psychological mark of $150 and tests the 100D EMA. However, the daily candles reflect lower price rejection highlighting demand at lower levels.&nbsp;
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Currently, the <a href="https://coingape.com/price-predictions/solana-sol-price-prediction/" rel="noopener noreferrer nofollow">SOL price</a> is heading closer to the long-coming support trendline for a new bullish bounce back. This ascending trendline has acted as dynamic support for the past five months, offering investors a suitable platform to accumulate during dip opportunities. With the Bitcoin halving just around the corner, the Solana price is like to utilize the support trendline to prevent correction below $120. The altcoin trades at $137, with an intraday growth of 1.20% forming a Doji candle.&nbsp;
Further, the Solana market price tests the 38.20% Fibonacci level. Hence, the daily chart of the SOL price trend showcases multiple bullish supports aligned to ignite the next recovery rally.
Also Read: <a href="https://coingape.com/solanas-depin-project-io-net-tokenomics-revealed-what-next/" rel="noopener noreferrer nofollow">Solana’s DePIN Project IO Net Tokenomics Revealed, What Next?</a>
<h2 id="b-will-solana-price-return-to-recovery-trend-b">Will Solana Price Return to Recovery Trend?</h2>
As the broader market remains volatile, the Solana price trend highlights a possibility of a bullish reversal. With a long-coming support trendline in play, the sidelines anticipated a prolonged uptrend with another bounce back. In such a case, the SOL price could surpass the psychological mark of $150 and aim for the $200 resistance level.&nbsp;
Conversely, an increment in the supply pressure could nosedive Solana to the next psychological support level at $100.&nbsp;&nbsp;
<h2 id="b-technical-indicator-b">Technical Indicator</h2>
<ul>
 <li aria-level="1">Exponential Moving Average: The 50-day fails to provide a bounce back as the altcoin tests the 100-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a>.&nbsp;&nbsp;</li>
 <li style="font-weight: 400;" aria-level="1">Directional Movement Index: The bearish crossover in the DI lines is gaining space, reflecting an intense correction wave. The rise in the ADX line showcases a surge in trend momentum.&nbsp;&nbsp;</li>
</ul>
The post <a href="https://coingape.com/markets/will-bitcoins-pre-halving-correction-solana-price-to-100/" rel="noopener noreferrer nofollow">Will Bitcoin’s Pre-Halving Correction Push Solana Price to $100 Again?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Will Bitcoin’s Pre-Halving Correction Push Solana Price to $100 Again?

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