Solana (SOL) fell to the $130 price level earlier today. This marked the second time in the past few days that SOL has fallen to the $130 price level. The popular cryptocurrency appears to have some support in this price range. However, a fall below $130 could cause the asset to fall to the $100 level.
If Solana falls below $130, will the price drop to $100?
SOL has recovered considerably from today’s decline. According to CoinGecko’s Solana data, SOL price has increased by 3.5% in the past 24 hours. Despite the gains, the asset is down 8.1% on the weekly chart, 9.9% on the 14-day chart, and 22% month-on-month. SOL was one of the best-performing cryptocurrencies in 2024, but the asset has lost all of last year’s gains and is down 38.6% since November 2024.
The $130 price point is a critical level for Solana (SOL). A drop below $130 could push the asset down to around $100-$105, the level it last traded in April of this year. A drop below $100 would be a serious problem for Solana (SOL). The asset has not traded below $100 since January 2024.
Despite the bearish conditions, Solana’s (SOL) resilience must be acknowledged. After the FTX debacle in 2022, the asset fell below $9. Since the 2022 low, SOL has hit multiple all-time highs. The asset hit a recent high of $293.31 in January earlier this year. Given SOL’s impressive track record, it’s safe to say that this project could rally to new highs once the bear market ends.
Solana (SOL) will most likely follow the trajectory of Bitcoin (BTC). Perhaps a BTC reversal is the only thing that can revitalize the market. Solana (SOL) has also launched multiple ETFs in the past few weeks. Market revival could lead to a surge in ETF inflows, which could further push SOL prices higher