SOL Price Prediction – Why Solana Could See Sharp Downside Thrust

Jan 8, 2024 08:00 am Cryptocurrency 158

Solana is moving lower from the $115 resistance. SOL price is showing a few bearish signs and might decline sharply toward the $68 support.

SOL price started a fresh decline from the $115 resistance against the US Dollar.

The price is now trading below $100 and the 100 simple moving average (4 hours).

There is a key bearish trend line forming with resistance near $92 on the 4-hour chart of the SOL/USD pair (data source from Kraken).

The pair could continue to move down toward the $80 support or even $68.

Solana Price Starts Downside Correction

After a steady increase, Solana bulls struggled to clear the $115 resistance. SOL price formed a short-term top and started a fresh decline below the $105 support.

There was a steady decline below the $100 pivot level. The bears pushed the price below the 50% Fib retracement level of the upward move from the $71 swing low to the $108 high. The price is now showing a few bearish signs from the $115 resistance zone, like price prediction solana could sharp downside thrust