Solana (SOL) faces significant risk as the cryptocurrency market rebounds, but SOL struggles to break the $140 resistance level. This underperformance has raised concerns as analysts predict a potential drop to its yearly low of around $78 if the price continues to lag.
Despite holding well during earlier market crashes, SOL's current price action suggests increasing risk. If SOL fails to break $140 and align with the market’s recovery, it could face a deeper downturn, contrasting its previous better performance amidst market turbulence.
Notably, Solana has retraced over 7% this week while other altcoins surged. A prominent analyst, Amdtrades, highlighted concerning price targets—if SOL can't break past $140, it may see a drop to $115, and possibly to $78, representing a 40% correction from current levels.
At present, Solana trades at $130, testing a critical level. The $140 mark aligns with the daily 200 EMA at $139.26, now flipped to resistance. Breaking above this is vital for a bullish reversal. Failure to do so may lead to a bearish outcome and a potential drop toward $110.
