- Solana price downswing has undone 47% gains seen between March 25 and April 2.
- A breakdown of the 50% retracement level at $101.34 will trigger a further descent to $80.75.
- A daily candlestick close above $105.51 will invalidate the bearish thesis.
Solana price seems to be suffering a worse fate compared to few altcoins and is a result of the Bitcoin crash. A recovery above immediate hurdles will allow SOL to restart its upswing, but a failure could result in further descent.
On April 12, Robinhood listed Solana, Shiba Inu, Polygon and Compound tokens. While Shiba Inu price skyrocketed by 36%, SOL price seems to have had little response. Interestingly, Solana’s market value seems to be on the decline and indicates that another crash could be heading its way if the immediate support level is breached.
Robinhood’s chief brokerage officer, Steve Quirk stated in an announcement blog,
As a safety-first company, we have a rigorous framework in place to help us evaluate assets for listing, and we remain committed to providing a safe and educational crypto platform.
Solana price needs to tread lightly
Solana price kickstarted a 51% rally on January 24 and set a swing high at $121.52 on February 7. This move set a range that SOL still follows. After deviating below the range low on February 20, Solana price triggered an 83% upswing that set a swing high at $143.56.
This move deviated above the range high but failed to sustain, leading to an undoing of the 47% gains witnessed between March 25 and April 2. On April 12, Solana price breached the immediate support level at $105.51 and is currently hovering around the range’s midpoint at $101.34.
A breakdown of the said barrier could trigger a 20% crash that pushes SOL to retest the range low at $80.75.
SOL/USDT 1-day chart
While things are looking bleak for SOL, a daily candlestick close above $105.51 will invalidate the bearish thesis for Solana price and open the possibility of a further move north. In this situation, a resurgence of buying pressure could send SOL up by 15% to retest the range high at $121.52.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Cash could become a Cardano partnerchain as 66% of 11.3K voters say “Aye”
Cardano founder Charles Hoskinson proposed integration of Bitcoin Cash into a Cardano Partnerchain. 65% of 11,340 voters voted in favor of, to the contrary “No”, meaning “Ayes” have it, but this is pending confirmation.
Render Price Prediction: RNDR could hit $10 after successful breakout with ecosystem’s LD token launchpad
Render (RNDR) price is trading with a bullish bias, boasting higher highs, with the AI crypto coin not only outperforming its sector peers, but also doing better than most altcoins in the broader cryptocurrency space.
Tesla updates payment methods to include DOGE, Dogecoin price rises 6%
Tesla Inc., Elon Musk’s American multinational automotive and clean energy company headquartered in Austin, Texas, is the latest catalyst for Dogecoin (DOGE) price rally.
Sui daily transactions reach 41 million, overtakes Solana with SUI price primed for recovery
Sui (SUI) price has dipped 3 % in the past 24 hours and remains down 15% in the last week. However, other metrics suggest something could be at play in the Sui ecosystem as daily transactions skyrocket.
Bitcoin: Should you buy BTC here? Premium
Bitcoin (BTC) price shows signs of a potential reversal but lacks confirmation, which has divided the investor community into two – those who are buying the dips and those who are expecting a further correction.