Bitcoin’s price wavered above $40,000 before creating a long upper wick, indicating seller dominance. This movement coincided with a sell-off as traders capitalized on double-digit gains in altcoins, assuming a continued downtrend. The focus shifts to Solana (SOL), a popular Ethereum competitor, and whether it will regain the $100 level.
SOL Coin, after surging close to 10% to an $85 region, reflects the volatile nature of the crypto market. The coin had previously soared by nearly tenfold last year, but with the decline of the Spot Bitcoin ETF-induced enthusiasm, it has now anchored below $100 with significantly reduced trading volumes.
Crypto expert Jonny predicts a short-term rise above $100 for SOL, citing strong demand below $80 as a foundation for further gains. He outlines potential targets at $105.4, $114.46, and $126.2, while emphasizing the critical support at $80.
The pivotal region for SOL Coin is above $90, but if Bitcoin closes below $40,000 again, a short-term recovery is unlikely, potentially leading SOL to seek a new bottom below $80. A drop to $60 could occur if the price enters an oversold search, but indicators like MACD and RSI suggest a possible rebound as the BTC downturn is just beginning.
While ADX and 50-EMA appear bullish, the loss of the rising support trend line has reversed the upward movement that started in December. SOL Coin has begun closing below critical support since January 19. To re-enter an uptrend, SOL must now clearly surpass the psychological resistance level at $100.