Solana (SOL) Price Prediction: Will the Token Plunge to a New Yearly Low?

Solana (SOL), a once-darling of the cryptocurrency market, is currently grappling with significant bearish pressures, as evidenced by a 12% drop in its value over the past week.

Solana (SOL) price is currently facing bearish trends, dropping 12% in the past week, according to Pivot Point.

Solana Struggles to Regain Momentum After Rejection at $145

The token is struggling to regain bullish momentum after rejection at the $145 resistance level. This rejection has also weakened bullish momentum and increased selling pressure.

The Chaikin Money Flow (CMF) indicates selling pressure, which could keep SOL between $116 and $125 in the short term.

Solana’s price is likely to break down below the symmetrical triangle and might hit a new yearly low.

Solana’s struggles continue as it faces several technical difficulties. The token slid 12% over the past week, a setback for the once-darling crypto.

Solana Is Struggling to Regain Momentum After Rejection at $145

The token is struggling to regain bullish momentum following rejection at the $145 resistance level. This rejection has also weakened bullish momentum and increased selling pressure.

The Chaikin Money Flow (CMF) indicates selling pressure, which could keep SOL between $116 and $125 in the short term.

Moreover, technical analysis shows that Solana’s price may break down below the symmetrical triangle pattern. This breakdown could push the token to a new yearly low.

Several factors have contributed to Solana’s recent decline.

Here Is What Is Important For The Week Ahead

A new yearly low for Solana could have several significant implications:

To navigate the current market conditions, investors should closely monitor several key technical levels:

In light of the current bearish market conditions, investors should consider the following strategies:

Solana is currently facing significant bearish pressures, which could lead to a continuation of the downtrend and a potential new yearly low. However, the long-term prospects of the token and the broader cryptocurrency market remain uncertain.