Solana Price May Drop to $125 Amid Support Retest
Crypto analyst MadWhale predicts potential downward pressure on Solana (SOL), forecasting a decline to $125 as it retests a key support level at $164. Key points include:
- Support retest at $164 may lead to a drop of about 25%
- $125 is identified as a crucial monthly support zone
- A breach below $125 could push the price down to $80
- Recent sentiment analysis shows SOL has declined over 11% in the past week, reaching a 3-month low of $161
- On-chain data suggests bearish sentiment historically precedes a rebound
While some analysts warn of further declines, others like Mr B see potential for recovery, targeting $185 if SOL breaks above current resistance levels. Currently, SOL trades around $172, up over 3% in the last 24 hours.
