The last month has been rather underwhelming for Solana (SOL) as it has led the asset to fall below the critical $150 psychological level. However, there may still be a rally forming, as many investors are intrigued at what the technical levels could bring forth for the token.
Over the last 30 days, SOL has dropped more than 23%, according to CoinMarketCap. Those losses have only increased amid its 24-hour drop to $148. Still, its seven-day performances have shown that a post-halving resurgence is not exactly out of the question.
Also Read: Solana: WIF & BONK Meme Coins Surge as SOL Surges 10%
Throughout this week, the digital asset sector has seen an overall market downturn. Despite the Halving taking place on April 19th, a correction has affected a plethora of cryptocurrencies. Yet, most investors are hopeful that the short-term responses are not indicative of a long-term projection.
Among the assets with the largest decline is Solana (SOL) which has fallen below $150, with many investors hopeful of a rally. The reality is that although positive performances could be in SOL’s future, so too could be even further drops.
When the asset faced a bull run in a price recovery from a support trendline, it surpassed $150. Yet, it did not surpass the 31.80% Fibonacci level at $165. Therefore, the asset has found itself in its current predicament. Moreover, a post-retest reversal is not likely, with the SOL price potential set to drop to lows of $100.
Also Read: Solana Hold Steady Above $155: Can SOL Hit New ATH In May?
However, there is still hope considering the overall increased demand for SOL. Additionally, a reversal in market sentiment could do wonders for the asset. Subsequently, although the market expected post-halving decreases for Bitcoin, there is the belief that it could enjoy a surge in the mid-term from the event.
Therefore, hope and optimism are not unwarranted for the asset. If a comeback is in the cards for the market, SOL will undoubtedly benefit. From there, it could have a clear path back to respectability.
That uptrend in mind has many perceiving an increase to $200, and the 61.80% Fibonacci level to not be out of the question. That could take place as early as the end of this month. Moreover, May could be set to experience a reversal along with a host of other tokens.
Disclaimer: Our articles are NOT financial advice, we are not financial advisors. All investments are your own decisions. Please conduct your own research and seek advice from a licensed financial advisor.
source
This content is sourced from Watcher Guru. The copyrights for this article is owned by Watcher.Guru
