|

Solana price likely to crash by another 15% as crypto markets nosedive

  • Solana price has sliced through the $115.51 to $144.70 demand zone, signaling a bearish outlook.
  • The 38% crash will likely continue toward the next demand zone, extending from $65.91 to $78.76.
  • A daily candlestick close above $144.70 will invalidate the bearish thesis.

Solana price has seen a massive downward trend over the past week and things are likely to remain bearish. This bearish outlook is seen across all of the crypto markets as Bitcoin crashes. SOL is also likely to continue its descent until it finds a stable support level.

Solana price slide shows no restraint

Solana price has dropped roughly 38% over the past four days, breaching through the daily demand zone, extending from  $115.51 to $144.70. This descent has also flipped the weekly support level at $135.71 into a resistance barrier.

As Solana price hovers around $91.82, there is a good chance this downward trend will continue. SOL is likely to drop a minimum of 15% before it tags the daily demand zone, extending from $65.91 to $78.76.

The 15% crash could extend to 26% when SOL retests the lower limit of the said demand zone. Here, Solana price is likely to see a pause in the bearish trend, as bears and bulls hash it out.

SOL/USDT 1-day chart

SOL/USDT 1-day chart

Regardless of the bearish outlook for Solana price, a bounce off the daily demand zone, ranging from $65.91 to $78.76 seems plausible. The resulting uptrend, while temporarily bullish, needs to pierce the previously broken $115.51 to $144.70 demand zone to end the bearish regime.

Only a daily candlestick close above $144.70 will invalidate the bearish outlook. This development could see Solana price make a run at the 50-day Simple Moving Average at $160.97.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

More from Akash Girimath
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Hyperliquid price forecast: Bullish interest builds amid user recovery

Hyperliquid (HYPE) trades at $25 at press time on Monday, holding the 3% gains from the previous day. The perpetual exchange sees a recovery in active users, while weekly fees collected decline to the lowest level so far this month.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple eye breakout for fresh recovery

Bitcoin, Ethereum, and Ripple are approaching key technical levels on Monday as the broader crypto market stabilizes. Market participants are closely watching whether BTC, ETH, and XRP can sustain breakouts and achieve decisive daily closes above nearby resistance levels.

Top Crypto Gainers: Audiera, Midnight, MemeCore sustain weekend gains

Audiera (BEAT), Midnight (NIGHT), and MemeCore (M) recorded double-digit gains on Sunday and remain top performers over the last 24 hours. Audiera extends the rally while Midnight takes a breather, and MemeCore struggles at a crucial moving average. 

Cardano Price Forecast: ADA suffers from $900 million loss realization as prices bounce near $0.34

Loss realization among Cardano (ADA) holders increased sharply in December, marking one of its heaviest capitulation months since 2023. Since the beginning of the month, investors have realized over $900 million in losses as of Friday.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.