Solana’s been under some serious pressure lately. While the broader crypto market is starting to bounce back, SOL can’t seem to push past the critical $140 resistance level, and it’s got investors feeling uneasy. Some experts are warning that if Solana continues to lag, it could crash as low as $78—a hefty 40% drop.

Despite holding its own through previous market dips, SOL’s current price action hints that a correction might be on the horizon if it doesn’t pick up soon. Investors are keeping a close watch to see if Solana can finally join the party or if it’s headed for a steeper downturn.

Key Takeaways:

1. Solana’s Critical Resistance at $140: Solana is struggling to break above the $140 mark, a key resistance level. Failing to do so could lead to a significant price drop.
2. Potential 40% Correction: Analysts warn that if Solana can’t gain momentum, it might plummet to as low as $78, marking a potential 40% correction from its current price.
3. $140 Breakout Could Spark Recovery: A breakthrough above $140 could reverse the negative trend and trigger a rally toward $163, giving bulls a chance to regain control.

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Solana’s Struggle at $140

Solana’s been stuck in a rut, unable to break through the $140 barrier as other cryptos make gains. While several altcoins have surged, SOL has pulled back by over 7% in the past week, leaving traders nervous about a potential larger drop.

A prominent analyst, Amdtrades, who has over nine years of experience in crypto, recently shared some insights on Solana’s price action. According to him, the $140 resistance is a critical level, and SOL’s inability to break it could lead to a deep correction.

Key Levels to Watch for Solana

Amdtrades highlighted several important price levels that could determine Solana’s next move. If SOL fails to push through $140, it could fall to $115, which would be the first major support level. Breaking below that could trigger a drop to $100, and in the worst-case scenario, Solana might plunge to $78—a 40% correction from current prices.

On the flip side, if Solana can break above $140 and hold it, there’s a chance for recovery. A successful break could lead to a rally, possibly pushing the price up by 20% to around $163.

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$130 and the Critical EMA

As of now, Solana is hovering around $130, a level that could signal what’s next. Recently, after testing the $140 resistance, SOL faced a 7% rejection, which has only increased concerns. 

A big factor here is the 200-day exponential moving average (EMA), which sits at $139.26. This EMA used to act as strong support, but now it’s become a point of resistance. For Solana to turn things around, it needs to reclaim this level.

If the bulls can break through the $140 mark, we could see a shift in sentiment and a potential rally. But if Solana continues to struggle here, the price could slip even further, with a drop to $110 or lower looking likely.

Investor Sentiment: Caution Ahead

Investor sentiment around Solana is growing cautious. Despite its strong performance in previous market corrections, many fear that SOL’s time for a significant pullback is approaching.

With the $140 resistance looming, traders are closely watching how Solana performs in the coming days.

If the $115 support level fails, things could get rough for SOL. But if the market turns in its favor, Solana might still catch up with the broader market rally and regain some momentum.

Read More: Top 5 Altcoins for 2024 Revealed by $200M Bitcoin Trader – Solana Dominates!

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The Impact of the Crypto Market Recovery

Although Solana is struggling, the broader cryptocurrency market has been on the mend. Bitcoin and other altcoins have been bouncing back from recent lows, sparking optimism across the board. If Solana can eventually follow suit, it might break through its current resistance and resume its upward trend.

However, if the overall market recovery continues and Solana keeps lagging behind, it may face further downside pressure. A break below $115 could lead to even steeper losses.

What’s Next for Solana?

In the short term, Solana is at a critical juncture. Investors are eyeing the $140 resistance, as a break above this level could spark a recovery, pushing the price toward $163 and beyond. But if SOL keeps struggling, a 40% drop to $78 is very much on the table.

The next few weeks will be crucial for determining Solana’s fate. Traders are advised to keep an eye on key price levels and market sentiment, as Solana’s next move could happen quickly and define its path forward.

FAQ

Q1: What happens if Solana can’t break the $140 resistance?

A1: If Solana fails to break through $140, it could drop to $115, with the worst-case scenario seeing it fall to $78.

Q2: What’s the significance of the 200-day EMA for Solana?

A2: The 200-day EMA, now at $139.26, has flipped from support to resistance, adding pressure on Solana’s price action.

Q3: Can Solana recover if it breaks above $140?

A3: Yes! If Solana manages to break and hold above $140, it could spark a rally, with a potential surge toward $163.

Conclusion

Solana’s current battle with the $140 resistance level could be a make-or-break moment. Analysts warn that failing to break through could lead to a 40% crash, with prices potentially dropping as low as $78. On the flip side, a successful breakout could signal a strong recovery and push SOL towards $163 and beyond. 

For investors, this presents both risks and opportunities. Whether you’re looking to take advantage of the dip or position yourself for a potential rally, now is a crucial time to act. Head over to Bitrue and buy SOL to capitalize on the next big move.

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