How Bitcoin Could Impact Solana's Price Down to $100
Solana (SOL) Analysts Predict Bitcoin's Influence on Price Drop to $100
Solana's price could face a significant correction to $100 due to Bitcoin's influence and weakening investor confidence. The correlation between Bitcoin and Solana has been strengthening, leading to a potential downward trend for SOL.
Bitcoin’s Influence on Solana
Solana’s price tends to mostly follow the broader market cues, be it the meme coin frenzy or the recent correction. As Bitcoin (BTC) crashed in the last few days, SOL did, too, and this could continue going forward.
- This is due to the high correlation that the two cryptocurrencies share.
- SOL's price is showing signs of bearish developments primarily owing to the broader market cues and declining interest of investors.
SOL Price Prediction: Decline to $100
Should the aforementioned bearish cues dictate the price action, Solana’s price could correct considerably. Trading at $132, the altcoin would extend the 34% correction noted since the beginning of the month by another 24% to bring SOL down to $100.
- Since this is a critical support level, Solana’s price would likely find some support at this point, preventing further losses.
- A similarly strong support level is marked at $120, and if SOL manages to bounce off of it and engage in recovery, the bearish thesis would be invalidated. Consequently, Solana’s price could rally further towards $150.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.