Solana Loses Critical Support as It Hits the $100 Low

Solana (SOL) Current Statistics

The current price: $102.56
Market Capitalization: $52,859,966,803.68
Trading Volume: $4,835,615,015.91
Major supply zones: $180, $200, $220
Major demand zones: $100, $80, $60

Solana (SOL) Price Long-Term Prediction: Bearish

The price of Solana (SOL) is down after breaking below the $120 support as it hits the $100 low. The decrease was caused by purchasers’ inability to push the price above the 50-day SMA in the preceding price action. This bearish momentum has continued as it approaches the critical support level of $100. 

Solana has dropped as low as $102.49 today as of this writing. The bulls have been defending the critical support at $110.On the downside, Solana will drop to $100 if the $110 support is breached. However, the price projection indicates that the altcoin will fall to $109.28, which is the Fibonacci extension’s level of 1.618. The altcoin is currently trading below the $110 support.

Key Highlights

Solana  resumes selling pressure
Solana revisits the critical support at $100

Solana (SOL) Price Indicator Analysis 

The price bars show a further drop in the cryptocurrency as they are below the moving average lines. A bearish crossover of the moving average lines on both charts indicates a drop. The price bars’ resistance line is the 21-day SMA.

What Is the Next Move for Solana (SOL)?

The selling pressure returns to Solana as it loses the critical support and hits the $100 low. According to the price indication, the altcoin might go as low as $109. However, the bearish trend has fallen beyond the expected price level. The altcoin is approaching its previous low at $100. The crypto signal is currently bearish as the altcoin loses its critical support.

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