Solana ready for triple digits, support set at $80

Since hitting a record high of $259.90 on Nov. 6, Solana has been on the decline. It has followed a bearish resistance line throughout its decline, last validated on March 2.

Solana Bulls Could Bring Price Above $100

So far, the price has dropped to $75.35 on Feb. The subsequent bounce confirmed the $73 area as a support. This is a horizontal support area as well as the 0.786 Fib retracement support level.

SOL is currently trading down 66% from its all-time high.

Solana’s price is about to complete one of its most significant percentage declines since its all-time high in November 2021.

A descending triangle pattern can be seen in Solana (SOL) price activity. The altcoin reversed from the bearish trendline ($105) on March 2, plunging towards the $80 neckline. For over a month, buyers have been closely monitoring this support, preventing the sellers from taking further losses.

SOL/USD will gain support at USD 80. Source: Trading Display

With an evening star pattern, the altcoin is jumping off its $80 support today, allowing traders to build another comeback. Additionally, as the coin price approaches the top of the bearish pattern, a significant breakout could be imminent.

For Solana to avoid a further decline in value, it must rise to the $102 level. To reach this level, it must first break the 50% Fibonacci retracement at $92 and then close above $100.

Related literature | Bitcoin Leverage Ratio Suggests More Decline May Coming

If buyers can push SOL prices towards $102, the coin will have broken through a key resistance level and will be poised for a powerful comeback. If prices continue to rise, the token will reach $111, but if there is no significant market support, the token will not be able to move any further.

Since Ukraine has indicated that it is no longer interested in joining NATO, the bitcoin market has turned positive. Due to the expectation that the war between Russia and Ukraine could end, the positive trend could continue. As a result, SOL has a good chance of recovering to $150 or above.

Bears are waiting for

Solana may turn bearish in the market, weakening buyer support. The market has been in full swing in recent weeks. A trend has yet to emerge and take shape. As a result, there is a chance that the current upswing will be broken. Solana could drop to historic lows.

If Solana dips below $85, it could test the lower support levels. If the token continues to fall, the final support level of $80 could be tested.

If it breaks through this support level, a sharp price decline is likely, with the $50 level to be tested soon. This could push SOL to new lows. Such lows may entice traders to take advantage of such a significant drop.

Related article | Solana Guns for $100 Barrier, Will Bulls Win the SOL?

Featured image from Pixabay, chart from TradingView.com

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