Solana (SOL) has now broken through $100 psychologically, with Solana (SOL) surpassing the psychologically significant $100 barrier. The coin is, however, just above $100.
While this is excellent, there may be an additional downside in the days to come. There is more information in the article, but first here are some critical things to note:
- Solana has seen strong growth in recent months, as investors flock to the coin in anticipation of its mainnet launch.
- SOL has yet to find support on the 50-day SMA at $105, despite breaking through $100 earlier this month.
- The chart below shows that while the RSI is moving higher, there was no significant breakout.
- After that, the price will drop once again, and the altcoin will bottom at $75 before rising yet again.
Solana Why Would $75 Be More Probable?
There are two sides to every analysis, while we expect a bearish trend for SOL in the short term. This forecast will become invalid if bullish activities take SOL above $128. However, this is very unlikely in the days ahead.
In reality, the coin has struggled to maintain growth above its 50-day SMA of $105 for the past 30 days. We do not detect any significant changes in market sentiment to suggest that this time, things will be different.
As a result, even though SOL is presently above the psychologically crucial price of $100, we anticipate it to decrease further. The coin will most likely end at around $75.
Is Solana still worth the investment?
The Solana project has always been a major cryptocurrency. However, some investors believe that the coin is underperforming. But this is simply a question of when SOL will get to where it belongs.
In truth, the project has a lot of potential and the team is very talented. So, we believe that Solana is still a good investment.
If you haven’t already, you may hold out for the price to drop to $75 and buy it. Then, just keep holding or selling when the price breaks out again. In either case, Solana will always be worthwhile for any cryptocurrency investor.
More on Solana
Solana is a popular cryptocurrency that has been around since 2018. While it starts strong and achieves a psychologically crucial price of $100.
The Solana team has been working hard on development, but the market doesn’t seem to be overly optimistic about their project.
However, many investors believe that Solana’s price will continue to fall, ultimately ending at around $75. Despite this potential dip in value, Solana remains an attractive investment option.
SOL currently ranks 36th on CoinMarketCap with a market capitalization of $1.3 billion. It has a circulating supply of 19 million SOL and a max supply of 425 million SOL.
Therefore, while Solana may be set for a short-term decline, we believe it is only a matter of time before the price starts to rise again. Over the long term, Solana has all the potential to become one of the top cryptocurrencies in the market.
Investors who are not risk-averse may consider buying the dip. Solana has a bright future, and this short-term decline should not dissuade long-term investors from holding onto their SOL tokens.
Of course, as with any investment, it is important to do your research before making any decisions.