Solana (SOL) Analysis

Solana’s (SOL) price is close to witnessing a bearish phenomenon that threatens the altcoin for a potential correction.
Given the lack of support from the market and investors, it appears that a drawdown to $100 could be possible.

The Solana (SOL) price continues to undergo a corrective phase, prompting speculation about further declines or a potential upward reversal.
Initially, Solana exhibited a rebound from the golden ratio support situated around $125.

Solana’s (SOL) price is making its way out of a bullish pattern, which has set the target at a three-week high.
With the rest of the crypto market slowly turning optimistic about recovery, the altcoin could reach this target, too.

FTX’s bankruptcy estate is preparing for a pivotal move by auctioning a significant batch of Solana (SOL) tokens. This strategy forms part of FTX’s liquidation process initiated after its collapse in November 2022.

The Solana price has undergone a significant correction from approximately $210 to about $116 over recent weeks. However, there is now potential for an upswing.

Solana (SOL) is currently undergoing a corrective phase, and there are indications that the price could potentially decline further.
There’s a possibility that SOL might reach around $130 as part of this correction, BeInCrypto analyzes the price charts.

Solana (SOL) price is witnessing the formation of a potential bearish outcome, which could cause a significant drawdown.
The altcoin is not receiving much support from its investors, which could exacerbate the current downtrend.

Solana (SOL) price is currently under the microscope, with a mix of technical indicators and network activity trends fueling discussions about its future direction.
Amidst an increase in DEX trades and a challenging technical setup, SOL finds itself at a critical crossroads.

For nearly two weeks, the Solana (SOL) price has been attempting to surpass the $200 mark but has yet to succeed in this endeavor.
This struggle has likely impacted the bullish sentiment among investors, potentially leading to a further decrease in price.

Since peaking on March 17, Solana has maintained a unique user count consistently above 800,000, signaling a strong community engagement that reflects positively on the Solana (SOL) price. Daily DEX trades on the blockchain remain high, underscoring sustained active participation.

Solana (SOL) is losing the support of one of the most important groups of investors, the institutions.
This will likely result in a massive correction for SOL unless the altcoin manages to do this.

Solana (SOL) saw its user base peak on March 17, with numbers dwindling since then. Despite this, the SOL price remains in focus as trading activity stays high, indicating persistent interest. This suggests that while the user count has fallen, engagement remains strong.