Solana had recently emerged from a multi-month descending channel, sparking optimism for a trend reversal after a brutal crypto winter. SOL has gradually bled value after topping out around $126 in mid-December. However, it found support near $80 and had recently claimed the $100 level.
CoinMarketCap data shows that SOL has lost its $100 support, has dropped by 6%, and is trading at $93.
Also read: Cryptocurrency: Top 5 Altcoins That Could Yield Maximum Profit In 2024
When will SOL reclaim $100?
Crypto analysts have diverging opinions on whether the latest move is just a bull trap or the early stages of a sustained positive trend. Several well-followed traders view the breakout as credibly bullish given Solana SOL’s adherence to recently established patterns.
Crypto trader Simon shared that the initial target is seen around $128, which would fulfill objectives from the descending channel SOL has traded within since its December peak.
However, Simon did caution followers that a rapid pullback is likely as SOL tests those resistance levels. Establishing support above its former range is viewed as crucial for upside continuation.
Also read: Terra Classic (LUNC) Price Prediction: Will Price Touch $0.00039?
Failure to do that could lead to doubts about strength returning to the SOL market, especially if selling pressure drops the price back below the $85 mark.
Drawing insights from SOL’s performance at the beginning of 2024, experts from Changelly have provided their price projections for Solana. It is anticipated that the minimum price for SOL during this period will be around $99. Changelly analysis shows SOL to hit $100 on January 21.
For now, analysts broadly agree that the technical alignment favors the bulls with proper entry points. The analysis comes at a time when Bitcoin has plunged to the $41,000 level.