The post Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Like Bitcoin and other top altcoins, Solana continues to sell off at press time, rewinding losses of the first part of the year. At press time, SOL, the native currency of the smart contracts platform, is trading at around $130, retesting a critical support level. As it is, the third-most valuable crypto asset is down nearly 40% from 2024 highs of around $210. Technically, sellers are in control, and unless there is a sharp shift in trend favoring buyers, the short-term will continue to be bearish. Is SOL Preparing For $100? Triple Bottom Forms Though some analysts are upbeat, expecting a rebound toward the $200 zone in the coming days and weeks, others are bearish. Taking to X, one analyst said SOL, in line with the current state of price action, thinks the coin will slip to as low as $100. This outlook, it should be noted, follows the recent drop from a key resistance, previously supported, level at around $140. With the coin changing hands at $130, the analyst is convinced there will be more losses in a bear trend continuation pattern. From his outlook, SOL will trickle lower “if nothing changes” in the market. SOl is weak | Source: @DU09BTC via X The forecast, looking at the candlestick formation in the daily chart, isn’t surprising. As mentioned earlier, SOL is down by nearly 40%% from March highs. With prices consolidating and moving inside a wide range of between $210 on the upper end and $130 on the lower end, this prediction aligns with recent price movement. Presently, SOL is now retesting multi-month support as a triple bottom form. Solana price trending downward on the daily chart | Source: SOLUSDT on Binance, TradingView For the printout of the uptrend from October 2023…

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Filed under: News - @ September 7, 2024 12:11 am