Solana price has had a tough time in the past few weeks as it collapsed nearly 65% since mid-January. However, this bearish outlook could flip on its head after the approval of SOL futures ETF. But is this enough to prevent the price of Solana from collapsing below $100?
Let’s explore Solana price prediction and key levels to watch ahead as institutions will soon be able to buy and selling SOL via ETFs.
Two futures Solana ETF products namely, Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT) will be available to US participants soon, according to reports. Despite this bullish fundamental development, the outlook of Solana price remains bearish, with a potential for further descent. Will the selling pressure crash SOL price below $100?
Solana Price Prediction: Is SOL at Risk of Crashing Below $100?
From a technical perspective, the daily chart shows Solana price is bouncing off the key support level at $125.31. This key structure served as a stable footing for price from March to September 2024. Hence, a retest of this level is likely to absorb any short-term selling pressure, increasing the odds of a bounce.
So expecting a further descent in Solana price is unlikely as long as the $125.31 support level holds. However, a decisive daily candlestick close below it, would signal a breakdown of this critical foothold. Such a development suggests that the buyers failed to establish control and the outlook is now bearish. In this condition, SOL’s value could easily visit the next critical support level at $100.
SOL/USDT 1-day chart
Considering the current market conditions, where Bitcoin’s (BTC) directional bias is slightly bullish, the chances of SOL price breaching below $100 are equally high. However, help from BTC bears could easily crash Solana below the aforementioned key support level.
Key Resistance Levels To Watch
If Solana price fails to break $125.31, then the outlook remains bullish. In such a case, a flip of the $136 hurdle into a support floor could send SOL price to $152.70 after a 12% rally. If the bullish momentum sustains, Solana bulls may extend the uptrend to $179 and $186 resistance levels. This move would constitute a 35% gain from $136.71
SOL/USDT 4-hour chart
Solana price is currently at risk of crashing below $100 due to the overall bearish market conditions, but the launch of SOL ETF futures could potentially increase demand and impact the price.
The post Could Solana Price Crash Below $100 Now After SOL Futures ETF Launch? appeared first on CoinGape.
