Solana’s Nosedive Continues- Price Falls Again on Thursday

SOL price has already reached a weekly low of $190. At this rate, it would reach a seasonal low of $175 soon. Can this fall be averted? Experts reach out………. 

A bearish market would always see a sell-off trend. The same happened with Solana yesterday. The coin faced a strong negative market sentiment and hence found it difficult to maintain its threshold price level of 200 USD.  

With a genuine market cap of 94 billion USD, maintaining this minimum price cap should not have been a matter of worry. But things seem to be going in the wrong direction for the coin now. 

The latest price activity shows that Solana is going to fall much below $200 shortly. Initially, the price has already trickled down to $190.  

Two prominent Solana metrics – Ichimoku Cloud and DMI have not shown a significant fraction in the last few weeks. But they are gradually giving in to the bearish market trail while the bullish attempts from their end become gradually scarce.  

Ichimoku’s Recent Behavior Changes  

This chart shows that the market has gradually plummeted. The price action is below the threshold which indicates that the downward notion would continue. 

Ichimoku analysts whatever the market is doing turns out to be bearish. Any reinforcement of bullish movements has been promptly rejected by the market. 

The analysis chart of the coin shows that the Senkou Span A a.k.a., the green line is below the red line. This is one of the biggest red flags of any chart analysis. It shows that the downward pressure in the market is imminent and likely to continue.  

Solana price prediction  

The market can go two ways now. It may either ride up and cling to its resistance level of 200 USD. Or it may drop to a projected depreciation of $175. 

Currently, the price movement is downwards. However, sellers are trying to stall the next big sell-off wave. If the coin is finally unable to maintain its levels at or above 200 it would indicate a tremendous selling urge throughout the market.  

But the bearish trend won’t be a sky-fall this time. It would stop at $187 (approx). After that, the market would create a small window of recovery. If that fails the price would go down to $175. But a sustainable recovery and a strong breakout can shift the market sentiment. Hence the price can go straight up to $209. If the momentum remains bullish, the price can also go up to $220 in the upcoming two months.