Drastic Drop in Solana (SOL) Price: Can it Survive Above the $100 Danger Zone?

Updated

April 8, 2025

Gambar Drastic Drop in Solana (SOL) Price: Can it Survive Above the $100 Danger Zone?

Jakarta, Pintu News – Solana recently started a significant decline below the $122 and $115 levels. The decline continued below the $112 support level, entering the bearish zone. There was also a breakdown of the key contraction triangle pattern with support at $118 on the hourly chart of the SOL/USD pair. The price dropped more than 15% and traded near the $102 level, recording a low of $102 before entering a consolidation phase.

Recent Technical Analysis

The current price action is still very bearish below the 23.6% Fibonacci retracement level of the move down from $121 as the swing high to $102 as the low. Solana (SOL) is now trading below $105 and its hourly simple moving average. On the upside, the price faces resistance near the $105 level.

The next major resistance is near the $112 level or the 50% Fibonacci retracement level of the move down from $121 to $102. Key resistance could be at $116. If it manages to close above the $116 resistance zone, this could be the start of a steady rise. The next key resistance is $120, and further gains could push the price towards the $125 level.

Also Read: XRP Price Prediction: Between Deep Correction and Hopes of Rebound in Crypto Market (8/4/25)

Potential for Further Price Decline

If Solana (SOL) fails to rise above the $105 resistance, the price could drop again. Initial support on the downside is near the $102 zone. The first major support is near the $100 level. If there is a break below the $100 level, the price could drop towards the $92 zone. If there is a close below the $92 support, the price could drop towards the $84 support in the short term.

Key Technical Indicators

The hourly MACD for SOL/USD is picking up speed in the bearish zone. Meanwhile, the hourly Relative Strength Index (RSI) for SOL/USD is below the 50 level. The key support levels are $102 and $100, while the key resistance levels are $105 and $112.

Conclusion: The Future of Solana (SOL)

With the current bearish market conditions and strong selling pressure, Solana’s (SOL) chances of recovering above $100 will likely require a significant boost from external factors or a change in market sentiment. Investors and traders should monitor technical indicators and key support levels to make informed decisions in managing their portfolios.

That’s the latest information about crypto news today. Get more information about crypto academy from beginner to expert level only at Pintu Academy and enrich your knowledge about the world of crypto and blockchain.

Follow us on Google News to get the latest information about crypto and blockchain technology. Enjoy an easy and secure crypto trading experience by downloading Pintu Crypto via Google Play Store or App Store now.

Experience web trading with advanced trading tools such as pro charting, various order types, and portfolio tracker only at Pintu Pro. Click Register Pintu if you don’t have an account or click Login Pintu if you are already registered.

*Disclaimer

This content aims to enrich readers’ information. Pintu collects this information from various relevant sources and is not influenced by outside parties. Note that an asset’s past performance does not determine its projected future performance. Trading crypto carries high risk and volatility, always do your own research and use cold hard cash before investing. All activities of buying andselling Bitcoin and other crypto asset investments are the responsibility of the reader.