Will Bitcoin’s Pre-Halving Correction Push Solana Price to $100 Again?

Solana Price: As the Bitcoin price hovers below $65,000, the altcoin sector is experiencing performance issues. The volatile market conditions have particularly impacted Solana’s native token, SOL, which has seen its market value dip below the $150 threshold. This correction has brought it down to crucial support levels, where traders are keenly watching for a potential reversal point. 

Amid this uncertainty, investors, colloquially known as sidewinders, are poised for a bullish entry. Will the altcoin drop to $100 or take an early reversal to resurface above $150?

Also Read: Solana Memecoins Face Weekly Selling Pressure

Here’s Why $120 Level Stands As Crucial Support For Solana Price

With the broader market uncertainty intensifying, Solana struggles to pause the increasing supply waves. The growing selling pressure leads to an almost 40% fall in the SOL price within two weeks. 

Amidst the downfall, this high-performance altcoin loses the psychological mark of $150 and tests the 100D EMA. However, the daily candles reflect lower price rejection highlighting demand at lower levels. 

Currently, the SOL price is heading closer to the long-coming support trendline for a new bullish bounce back. This ascending trendline has acted as dynamic support for the past five months, offering investors a suitable platform to accumulate during dip opportunities. With the Bitcoin halving just around the corner, the Solana price is like to utilize the support trendline to prevent correction below $120. The altcoin trades at $137, with an intraday growth of 1.20% forming a Doji candle. 

Further, the Solana market price tests the 38.20% Fibonacci level. Hence, the daily chart of the SOL price trend showcases multiple bullish supports aligned to ignite the next recovery rally.

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Will Solana Price Return to Recovery Trend?

As the broader market remains volatile, the Solana price trend highlights a possibility of a bullish reversal. With a long-coming support trendline in play, the sidelines anticipated a prolonged uptrend with another bounce back. In such a case, the SOL price could surpass the psychological mark of $150 and aim for the $200 resistance level. 

Conversely, an increment in the supply pressure could nosedive Solana to the next psychological support level at $100.  

Technical Indicator

• Exponential Moving Average: The 50-day fails to provide a bounce back as the altcoin tests the 100-day EMA.  
• Directional Movement Index: The bearish crossover in the DI lines is gaining space, reflecting an intense correction wave. The rise in the ADX line showcases a surge in trend momentum.  

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