Solana Under $100: Predicting SOL's Path to Regain Lost Ground

• Solana's Upcoming Bull Trend: An Analysis and Prediction
• Will Solana Soon Recover the $100 Mark?
• The Potential Outcome if Solana Fails to Establish Support
• Changelly's Price Projection for Solana
• Broad Agreement among Analysts

Solana's Upcoming Bull Trend: An Analysis and Prediction

Recently, Solana$104 5.03% (SOL) has indicated potential for a trend reversal, pulling itself from a prolonged descent. This has caught the attention of crypto analysts and investors alike, given the severe downturn that the crypto market had been experiencing. The SOL token, which reached its high point of approximately $126 in mid-December, has slowly lost value, finding respite around the $80 mark. However, Solana managed to conquer the $100 mark, and had appeared to stabilize at this level. Unfortunately, recent data from CoinMarketCap reveals that SOL has once again dipped below $100 to trade at $93, a 6% decrease.

Will Solana Soon Recover the $100 Mark?

Crypto analysts have varying perspectives on whether this recent activity signifies a bull trap or the inception of a lasting positive trend. A number of influential traders view this breakout as convincingly bullish, citing Solana's adherence to recent behavioral patterns. For instance, prominent crypto trader Simon suggests that the initial target lies at around $128, fulfilling predictions made during SOL's trading within the falling channel since the previous high in December. However, Simon also warns that a swift pullback could be anticipated as SOL familiarizes itself with these resistance levels. It is widely believed that achieving a support level above the recent levels is vital for the likelihood of further growth.

The Potential Outcome if Solana Fails to Establish Support

If Solana cannot establish support, it may lead to skepticism regarding the return of SOL's market strength, especially if selling pressure pushes the price back below the $85 mark.

Changelly's Price Projection for Solana

Insights from Solana's performance at the outset of 2024 have prompted experts from Changelly to share their own price projections for the asset. According to their analysis, the lowest anticipated price for SOL during this period stands around $99. Changelly projects that SOL will reach $100 on January 21.

Broad Agreement among Analysts

As it stands, there is a consensus among analysts that the technical alignment currently favors bullish movements, given the appropriate entry points. This analysis is timely given the recent dramatic plunge of Bitcoin$42,260 -0.64% to the $41,000 mark.

Edited by Jonathan Stoker