The short-term price analysis of Solana appears to be largely bearish, as the bulls have failed to defend the lower support. The price was trading within an ascending triangle and was heading towards the apex. But the latest rejection, just below $115, caused the token to lose over 12% of its value. Although the bulls managed to keep up the three-digit figure, the bearish influence may still haunt the rally until the end of the month.
Solana price was expected to undergo a similar price action as Ethereum, as both chart patterns resemble each other. However, the token failed to surpass the crucial resistance, which may raise huge concerns over the impending rally. Moreover, with the current market sentiments that have flowed towards the AI & DeFi tokens, the popular tokens within the top 10 may experience a minor volume crunch for a while.
In such a case, will Solana’s (SOL) price slide below $100?
The long-term price action displays the price to be trading under the bullish influence as the Gaussian Channel is painted in green. Besides, the stochastic RSI marked the lower support and is about to flash a buy signal, initiating a bullish crossover. This could suggest the token could withstand the minor bearish pressure prevailing at the moment but the upcoming weekly close may let out firm signals for the upcoming monthly close.
As seen in the chart, the SOL price in the long term is trading within a decisive symmetrical triangle. Since the beginning of the year, the token has been trying hard to break above the resistance of the triangle. During the previous attempt, the StochRSI was at its peak and hence a bearish pullback was quite obvious. However, presently, the levels are about to turn bullish, which suggests the price may initiate a fresh upswing and reach the initial target of over $130.
Once these levels are achieved and sustained, a run towards $200 could be imminent. Therefore, one popular analyst, Altcoin Sherpa, says,
“You should prob just buy this and not worry about the short term price action, just chill and wait for 6+ months. I think it does pretty well in 2024,”
