Solana (SOL) Analysis: Here’s How Bitcoin Could Drag the Price Down to $100

by Spencer Haag

Solana’s (SOL) put is exhibiting signs of bearish trends essentially owing to the broader market cues and declining passion of patrons.

By the looks of it, the “Ethereum killer” will likely repeat a correction within the arrival days that could well move SOL down to $100.

Bitcoin’s Affect on Solana

Solana’s put tends to largely phrase the broader market cues, be it the meme coin frenzy or potentially the latest correction. As Bitcoin (BTC) crashed within the outdated couple of days, SOL did, too, and this could occasionally well continue going ahead.

Here’s attributable to the excessive correlation that the two cryptocurrencies part. After dissociation in March, the correlation between the two sources grew stronger, with the identical for the time being standing at 0.8.


Solana Correlation with Bitcoin. Provide: TradingView

Thus, given Bitcoin is inclined to extra decline below the recent buying and selling put of $62,700, it will maybe move Solana’s put down.

Be taught More: 11 Only Solana Meme Money to Gape in 2024

To invent this worse, the patrons aren’t optimistic about the asset. Their diminishing conviction is visible thru the fall within the Open Passion (OI). OI fell from $2.89 billion within the final four days to $1.84 billion.


Solana Open Passion. Provide: Coinglass

This $1 billion outflow from the futures market means that patrons are no longer easiest skeptical but moreover unwilling to invent either a bullish or a bearish wager.

SOL Ticket Prediction: Decline to $100

Ought to unruffled the aforementioned bearish cues dictate the put hasten, Solana’s put could well correct considerably. Trading at $132, the altcoin would lengthen the 34% correction famed since the starting of the month by one more 24% to bring SOL down to $100.

Since right here’s a severe beef up stage, Solana’s put would likely fetch some beef up at this point, combating extra losses.


SOL/USDT 8-hour chart. Provide: TradingView

Be taught More: Solana (SOL) Ticket Prediction 2024/2025/2030

A equally solid beef up stage is marked at $120, and if SOL manages to jump off of it and have interaction in restoration, the bearish thesis would be invalidated. As a consequence, Solana’s put could well rally extra against $150.

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