After a nearly 1000% rise in 2023, Solana‘s (SOL) price dropped almost 30%. Analysts are predicting further declines for SOL, with some investors still aiming to take long positions hoping for a recovery from its current level, despite its lackluster performance.
Crypto analyst Tryrex suggested that SOL’s price could potentially retract to $71 in the coming days. He cautioned that the previous bounce was too weak to maintain the uptrend, indicating a bearish outlook.
Technical indicators and Solana’s current outlook are not promising. Other analysts also shared their views on SOL’s next support levels and how low the price could fall.
Analyzing SOL’s past trends and price movements, charts reflect a break in the rising channel pattern. LuxAlgo’s post on January 23 hinted at the possibility of further declines in the future.
Daily Solana price charts show a downward movement breaching a critical support level at $85.10. According to three analysts, SOL’s price could retract to the next support level around $70, potentially offering new entry opportunities for investors.