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The uncertainty in the Bitcoin price is causing altcoin investors to suffer much greater financial losses. Worried about a repeat of the 2020 sell-off, investors are reducing their risk. In the year before the last bull season, we also saw horrific losses in the prices of altcoins. So what does the current outlook for Solana (SOL) Coin suggest?
Solana (SOL)
Solana (SOL), the biggest Ethereum competitor, plummeted after the collapse of the popular crypto exchange FTX. After dropping to $8, the price bounced back and still hasn’t returned to its glory days. Maybe it never will.
Nowadays, an important breakout is noticeable on the SOL Coin price chart. Solana (SOL) price broke below the rising support line that it had previously held for 128 days. The break of the line indicates that the entire upward movement that started in January is now over. What’s interesting is that such setups appear in a significant portion of altcoins.
The uncertainty in the Bitcoin price suggests that altcoins could be battered in the second half of the year. Altcoins that fell faster than the Bitcoin price have now concluded the rallies they started in January. This suggests that prices could make deeper lows in the coming weeks.
SOL Coin Price Prediction
Based on the technical analysis and price action on the six-hour timeframe, we can say that the decline in SOL Coin price may continue. Elliott Wave theory confirms this. The movement since March is likely to be a short-term A-B-C corrective structure (white). If so, SOL price is currently in wave C of the correction.
A possible support level is the $15 level, which has served this role several times before. Since SOL Coin traders failed to close above the $27 resistance in the past weeks, the price is in danger of falling to $15 today. If the price can overcome the $26 resistance again in the short term, SOL Coin could re-enter the bullish trajectory. Thus, the $36 price target would be back on the agenda.
However, the current outlook shows that the SOL Coin price could fall as low as $15 if there is no big surprise in the markets. SOL Coin price is at $20.4 at the time of writing.
