Solana (SOL) faces significant risk as the broader cryptocurrency market rebounds from local lows, yet SOL struggles to break above the crucial $140 resistance level. This underperformance has raised concerns among investors, with many worried about Solana’s inability to keep up with the market’s recent surge.
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Some analysts are even predicting a deep retrace to its yearly low of around $78 if the price continues to lag. Despite holding relatively well during Bitcoin’s and other altcoins’ earlier crashes, Solana’s current price action suggests that the risk of a correction is growing.
If SOL fails to break above $140 and align with the market’s recovery, it could face a steeper downturn. While Solana previously weathered market turbulence better than some of its peers, there’s a growing belief that now may be Solana’s turn to experience a significant fall. Investors are keeping a close eye on upcoming movements.
Solana Struggling To Keep Bullish Momentum
Solana (SOL) has retraced over 7% this week, while many other altcoins surged, posting double-digit gains. This raised concerns among investors, who fear SOL might follow the same trajectory many altcoins experienced in recent months.
One prominent analyst and former asset manager, Amdtrades, with over 9 years of experience, shared a technical analysis of Solana’s price action, highlighting some concerning price targets.
According to Amdtrades, Solana is at a crucial crossroads. If it fails to break past the $140 resistance level—a fundamental price point that once served as strong support—a deep correction could follow. He noted that the first key level to watch is $115, which could trigger further downside if breached.
After that, SOL could drop to $100; in a worst-case scenario, it may fall as low as $78. If it drops to the lower prices, it would represent a 40% correction from current levels.
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The risk of Solana hitting these lows remains high, especially if it continues to struggle while other cryptocurrencies recover. However, Amdtrades also emphasized the potential for a rebound.
Should SOL break and hold above $140, it could spark a recovery and possibly reverse the negative trend. Investors are now carefully watching these levels to see…
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