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Bitcoin price began to create a long upper wick after hovering above $40,000 today. Sellers, taking advantage of the double-digit increases in altcoins, directed their sales assuming the decline would continue. So, will Solana, a popular Ethereum competitor, reach $100 again?
Solana and Cryptocurrencies
Bitcoin price turned its direction downwards about half an hour before the opening of the US markets. The upper wick formed on the daily chart indicates that sellers are dominant. Moreover, altcoins have started to lose the support they regained today. SOL Coin, after an increase of nearly 10%, returned to the $85 region.
Last year, SOL Coin made headlines in the markets with a price increase of nearly tenfold. However, since the excitement of the Spot Bitcoin ETF and the increased risk appetite have reversed, it is now anchored below $100. Moreover, its trading volume has also significantly decreased.
SOL Coin Price Prediction
Crypto expert Jonny wrote that SOL will exceed $100 in the short term. The expert, noting the intense demand seen below $80, says this prepares the ground for further increases.
Jonny points to $105.4, $114.46, and then $126.2 in his possible rise scenario. On the opposite direction, there is a key support at $80.
The key region for SOL Coin is above $90, but if BTC starts closing below $40,000 again, this will not happen in the short term, and eventually, SOL Coin will have to find a new bottom below $80.
If the price enters such a bottom search with excessive sales, we could see a drop to $60 with the loss of $77. The MACD has not yet turned negative, and the RSI suggests that the price could recover as the BTC drop has just started.
The ADX and 50-EMA look favorable for the bulls. However, since the rising support trend line has been lost, the movement that started in December has reversed. SOL Coin began to close below critical support on January 19th.
To return to an upward trend, the level it needs to overcome is now clearly the $100 psychological resistance level.
