Solana Price Drops Nearly 5% as Analysts Predict Potential $65 Target
Solana (SOL) has declined nearly 5% in the last 24 hours, trading at approximately $125.41 after hitting a low of $123.72. This price movement tests the 20-day Exponential Moving Average (EMA) at $123.90, which is critical for maintaining support.
Analyst Ali Martinez predicts a potential drop to $65 based on a bearish "right-angled ascending broadening pattern." A breakdown below the $127-$130 level may indicate further declines. The target aligns with projections derived from the pattern's width.
Key Developments
- Janover acquired an additional $10.5 million in SOL, raising total holdings to 163,651.7 SOL worth about $21.2 million.
- OpenSea has initiated Solana token trading for select beta users, planning to expand access and later introduce support for Solana NFTs.
SOL Price Insights
Over 32 million SOL (more than 5%) is held at a cost basis around $129.79, indicating significant investor interest and potential support. Below this, 18 million SOL is held around $117.99, while resistance could be found at $144.
SOL Daily Chart | Source: TradingView
The Relative Strength Index (RSI) indicates market indecision near the neutral 50 level, while the Balance of Power indicator reflects a lack of strong directional bias.