Solana plunges 6%, dipping below $135

An extended bearish trend is on the horizon for Solana ($SOL), triggering speculation that a fall to $100 could be banked in the days to come. The token has lost more than 6% in the last 24 hours and 12% in the last 7 days. It is exchanging hands at $125.93. SOL must test support of $120 effectively to prevent further downfalls. Prices remain stuck in a descending triangle with a v-shaped recovery hampered amid fluctuations.

The SOL price plummeting below $135 is a loss the market wants to recover from as soon as possible. Any further fall and the value of a hundred dollars is not far from being locked, even if it gets booked briefly. The v-shaped recovery pattern was designed to surpass the $175 mark. However, the rejection of the $155 support level has taken that privilege away.

There are two likely situations now—it could either jump as high as $180 or fall to $120, potentially registering a dip to $100. Overall trends are bearish but have not negated the possibility of a bull run. The SOL crypto prediction estimates the token to hover around $160 by year-end. There could be an upswing of 16.07% from the current value for SOL to touch the base at $146.07.

The FGI has rewarded Solana 29 points amid volatility of 8.05% and a 14-day RSI of 45.94. The 50-day SMA and 200-day SMA are $156.08 and $135.14, respectively.

The decline is rather in line with the overall crypto market. Bitcoin and Ethereum have plummeted by 7.68% and 10.52%, applicable in the same order, in the last 24 hours. They are listed at $54,011.34 and $2,851.76, respectively. Many eyes are on Ethereum since there is speculation about the approval of the Spot Ether ETF. Many believe the dip is potentially a base before it rebounds following the ETF approval.

Bitcoin is largely facing pressure from two sources – the German Government and Mt. Gox. The former continues to sell seized BTC tokens, and the latter has initiated a settlement process with its creditors. They acquired Bitcoin tokens in 2013 and are probably sitting on a large sum of profits. Similarly, the German Government is not precisely holding back from carrying forward Bitcoin liquidation.

The impact is severe across the crypto market, as evident from the current scenario of Solana ($SOL). It remains to be seen where it moves in the coming days. A bottom of $100 and a high of $180 are in the picture. It is crucial to sustain the range of $130 and $145.