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Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom Newsbtc 06 Sep 2024

Solana To $100 Inevitable After This Break? SOL Forms A Triple Bottom 📉

Solana, like Bitcoin and other top altcoins, continues its downward trend, trading at around $130, significantly down from its 2024 highs of $210. This represents a nearly 40% drop, and the overall sentiment remains bearish with sellers in control.

Analysts are divided; some foresee a rebound toward the $200 zone, while others anticipate further declines. One analyst predicts a drop to $100 if current trends continue. This prediction aligns with recent price movements, considering SOL's reentry into the $130 support range and the formation of a triple bottom pattern.

A potential uptrend would require SOL to find support at current rates and rise above $140 and $160, aiming for the $190-$210 range. However, this is contingent on several factors, including a recovery in Bitcoin prices and meme coin activity on Solana.

Regarding meme coins, Pump.fun, a large SOL holder, has been liquidating its holdings, adversely affecting market sentiment. Their actions feed a self-reinforcing cycle of retail sell-offs, further pressuring SOL prices. By September 3, Pump.fun had sold over 264,000 SOL, valued at more than $1.3 million.

Source: www.newsbtc.com ↗

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Solana (SOL) May See Price Rally as Negative Sharpe Ratio Suggests Potential Upswing Ahead
Solana Price Surges Past $180: Indicators Suggest Potential for Higher Gains Amid Bitcoin Rally Coinotag 29 Oct 2024
Solana Price Surges Past $180: Indicators Suggest Potential for Higher Gains Amid Bitcoin Rally
Solana’s Price Struggles: Could a Bullish Breakout Above $170 Hasten Towards $180? Coinotag 23 Oct 2024
Solana’s Price Struggles: Could a Bullish Breakout Above $170 Hasten Towards $180?
Solana Price Reclaims $180 Amid Overbought Signals; Potential Pullback May Precede Next Upsurge Coinotag 29 Oct 2024
Solana Price Reclaims $180 Amid Overbought Signals; Potential Pullback May Precede Next Upsurge
Exploring Possibilities: Could Solana (SOL) Break Above $150 Amidst Current Market Consolidation? Coinotag 11 Oct 2024
Exploring Possibilities: Could Solana (SOL) Break Above $150 Amidst Current Market Consolidation?
Could Solana (SOL) Break Above $150 and Ignite an Uptober Rally? Coinotag 16 Oct 2024
Could Solana (SOL) Break Above $150 and Ignite an Uptober Rally?
Solana (SOL) May Approach New All-Time High If Momentum Continues Above Key Support Levels Coinotag 24 Nov 2024
Solana (SOL) May Approach New All-Time High If Momentum Continues Above Key Support Levels
Potential Bullish Momentum for Solana as Key Resistance at $205 Is Tested Amid Strong Social Engagement Coinotag 09 Nov 2024
Potential Bullish Momentum for Solana as Key Resistance at $205 Is Tested Amid Strong Social Engagement
SOL Approaches Key $249 Level Amid Mixed Market Signals and Potential for Price Rally Coinotag 3 weeks ago
SOL Approaches Key $249 Level Amid Mixed Market Signals and Potential for Price Rally
Could Solana (SOL) Be Poised for a Rebound Towards $190? Analyzing Onchain Metrics and Market Trends Coinotag 09 Oct 2024
Could Solana (SOL) Be Poised for a Rebound Towards $190? Analyzing Onchain Metrics and Market Trends
Solana’s Potential Breakout: Will SOL Rise to $270 or Face Downward Pressure? Coinotag 3 weeks ago
Solana’s Potential Breakout: Will SOL Rise to $270 or Face Downward Pressure?