Solana suffers as crypto market plunges, dropping below $150.
Current trends indicate potential drop to $100; recovery uncertain amidst market turmoil.
Strong demand at $100, but reaching $500 by 2024 remains doubtful amidst ongoing volatility.
The cryptocurrency market has been hit hard by the recent crash, and even top-performing blue chip altcoins like Solana (SOL) have not been spared.
The once-thriving SOL token has seen its market cap take a significant hit, resulting in a massive sell-off that has pushed its price below the crucial $150 mark.
As the market continues to tumble, investors are left wondering whether this correction is the final drop that could threaten a breakdown to $100 or if a bullish reversal is on the horizon. The question on everyone’s mind is: Will Solana find the necessary bullish momentum to reach $500 by 2024?
Can Solana find the momentum?
Currently, Solana’s native token is trading at around $145, with an intraday fall of 2.25%, resulting in another bearish engulfing candle. The downfall aligns with the broader market decline and has led to a retest of the broken resistance trendline.
With the chances of a post-retest reversal being minimal during this increased supply wave, the SOL price appears to be headed towards the $100 mark.
Technical indicators paint a mixed picture for Solana. The merging of the MACD and signal lines under the negative territory suggests a potential positive crossover. However, the ongoing downfall in SOL price could result in an extended negative trend.
Despite the current correction phase, the underlying demand for Solana remains strong at the psychological mark of $100. A broader market comeback could increase bullish momentum, resulting in a post-retest bounceback.
By the end of this month, Solana’s market value might have reached its pinnacle at $200 due to the possibility that the rally would pick up steam. Nevertheless, given the current state of the cryptocurrency market, it is still unclear how to get to $500 in 2024.