Crypto analyst Crypto Kaleo suggests that Solana (SOL), which lost 12% in value over the past week, might drop further to $120. This lower price level could serve as a consolidation point before aiming for new all-time highs.
On August 27, Kaleo first predicted a price drop. SOL fell to $130 three days later, and the analyst now maintains that the price could fall even further, potentially reaching $120 or even $110.
In historical terms, Solana hit its all-time high of $260 in November 2021 but experienced a decline similar to a past trend from $204 to $78 in March 2022. The current trend mirrors this pattern, suggesting it might be headed to $120.
Both the 20-day and 50-day Exponential Moving Averages (EMAs) show bearish signals as SOL trades below them. For a bullish trend to resume, SOL needs to climb above these EMAs.
If bulls defend the $128.37 support level successfully, the next target could be $137.43. However, failing to break above this may see SOL drop to $127.97, leading to further consolidation potentially down to $120.
A strong rally could push SOL to $174.11, aiming for a new all-time high possibly by early 2025.
