Apr 9, 2025
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Solana Reclaims $100 After Dropping Below Key Support Level
Solana (SOL) has recently reclaimed the $100 mark after a significant drop below this level, marking its lowest point in over a year. Key points include:
- SOL hit a 14-month low, dropping 20% in 24 hours and trading around $95.
- After a brief bounce of 18%, SOL is currently within the $100-$110 range.
- The cryptocurrency has decreased over 63% from its all-time high (ATH) of $270 in January 2024.
- Support at the $120 zone has weakened with multiple retests, raising concerns about further declines.
- Analysts warn that falling below this support could lead SOL to drop to the $60 range.
- Trader Crypto Bullet indicated that recent price actions suggest the end of Solana's bull market.
- Analyst Ted Pillows noted that SOL bounced from a multi-year ascending support trendline, which may signal potential for recovery.
- To regain momentum, analysts believe SOL needs to reclaim the $120 support level and avoid further drops.
- As of now, SOL trades at $105, reflecting a 1% decline in the daily timeframe.
