[Analysis] "Solana: whether support at $120 holds is the key variable that will determine future trend"
Summary
- Solana (SOL) could see an additional decline to the $70 level if it fails to maintain the $120 support, analysts said.
- The current $120 zone is a technical and psychological support level, and if defense fails, rapid selling pressure could flow in.
- Solana has fallen about 30% over the past month, showing the weakest performance among major altcoins.
If Solana (SOL) fails to maintain the $120 support level, there is a warning that the price could fall further to the $70 level.
On the 25th (local time), crypto asset (cryptocurrency) analyst Ali Martinez said via X, "If Solana cannot hold the $120 support level, it could fall to the $70 level."
The current $120 zone is evaluated as a technical and psychological support level. If it is defended, a short-term rebound is possible, but if the support fails, rapid selling pressure could flow in, leaving the possibility open to $70.
Meanwhile, Solana has fallen about 30% in the past month and continues to be the weakest performer among major altcoins. It is currently trading at $138.36, up 4.09% from the previous day, according to CoinMarketCap.
Suehyeon Lee
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