A cryptocurrency analyst announced that Solana’s price has just fallen below a critical support level that had previously sparked an explosive bull run in the last market cycle. with SOL is currently struggling at less than $100 Facing continued downward pressure, the analyst identified two possible scenarios that could determine the cryptocurrency’s next moves.
The analyst expects two possible scenarios for Solana’s price
In a recent X post, market expert Crypto Tice said He said Solana price now has only two possible paths after falling below the key support level that triggered its bullish rally in 2022-2023. At that time, SOL price was holding on to the level before it exploded New all-time highs.
The analyst noted that the same pattern appears to be forming again almost completely during this cycle. However, instead of holding the key level as it did in the last session, SOL deviated from the historical chart pattern by sliding below it. Against this background, Crypto Tice predicted Solana’s next moves.
According to the analyst, if Solana can restore the broken historical level, he can Reignite its upward momentum He paid about $250 for it. Such a move would signal that buyers are pulling back to regain control and that the market has resumed following the historical path seen during the 2022-2023 cycle. based on Solana’s current price is close to $75a rise to $250 would represent a gain of over 233%, providing significant upside if the bullish scenario goes as expected.
On the other hand, Crypto Tice warns that if the recent collapse is accepted and Solana fails to regain the support level, the value of the cryptocurrency will be low. The price may collapse to new lows. In this case, the bulls could remain trapped for an extended period with the potential for a larger correction. with SOL price has already fallen by 10% During the past week and more than 5% during the past 24 hours, the continued decline may intensify selling pressures and deepen its weakness.
At the same time, Crypto Tice warned that the next candle will be crucial in determining SOL’s short-term trend. He said he is now closely monitoring price action for any signs of recovery or further weakness.
SOL continues its heavy downward streak
Although many analysts maintain a positive outlook on Solana, the cryptocurrency is still in a critical situation. Strong downtrend. Solana has just done that, noted market analyst Crypto Patel Printed eight Consecutive red monthly candlesWhich indicates a long recession.
He described this move as historic, noting that it is the first time that Solana has faced such a long downward trend since its launch. During the 2021 cycle, SOL had about nine red monthly candles, but they were not consecutive. Patel added that after the previous bearish phase ended and the price bottomed, Solana rose quickly to approach its all-time high of $295.
Based on this pattern, Crypto Patel suggested that if history repeats, Solana could see a sharp rebound after the ninth red candle, potentially rising to the $500-$1,000 range once the ninth red candle prints and reaches the bottom.
Featured image from Adobe Stock, chart from Tradingview.com
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