Solana Set to Revert Back to $120? Chart Pattern Shows More Pain to Come
The post Solana Set to Revert Back to $120? Chart Pattern Shows More Pain to Come appeared on BitcoinEthereumNews.com.
Solana (SOL) has not avoided the ongoing instability that continues to affect the crypto market. Analysts predict a price adjustment for the Solana price because its recent values encountered selling pressure. Some analysts project the Solana price to fall to $120 before initiating another rally despite long-term positive market sentiment generated by DeFi and NFT contributions. Solana Price Faces Heavy Selling Pressure Solana (SOL) stands as the top-performing Layer-1 blockchain network since it enables faster transaction speeds than Ethereum. Recent market activities show that SOL is losing momentum. Analysts speculate that the falling Solana price is related to the declining SOL meme coin market. Traders are focused on two descending triangle patterns forming on both the daily and 4-hour charts because such forms usually signal an imminent price drop. Market analysts expect the Solana price to decline to $120 as selling pressure remains intense. Additionally, any Bitcoin bearish movement will generate quick downward momentum in SOL. The Role of SOL’s Ecosystem in Price Stability The blockchain industry recognizes Solana as a powerful participant even though it faces current market challenges. The blockchain operates efficiently through thousands of instantaneous transactions while charging minimal fees which makes developers choose SOL for developing their decentralized applications (dApps). Additionally, Solana was in the news for the recent stability of its network. The SOL network hasn’t experienced an outage for more than a year. This has been a cause for celebration, yet analysts are increasingly warning investors that the Solana price may fall below the $120 mark in the near future. DTX Exchange: A Rising Contender in Hybrid Trading A new blockchain-powered trading platform named DTX Exchange takes investor interest because of its disruptive hybrid exchange model. While SOL continues to slip, DTX Exchange enables users to access a combined traditional finance and decentralized finance…
Filed under: News - @ February 23, 2025 4:17 pm