{"id":9692,"date":"2025-03-13T14:21:43","date_gmt":"2025-03-13T13:21:43","guid":{"rendered":"https:\/\/wsj-crypto.com\/?p=9692"},"modified":"2025-03-13T14:21:43","modified_gmt":"2025-03-13T13:21:43","slug":"solana-faces-critical-support-challenge-is-a-50-plummet-imminent","status":"publish","type":"post","link":"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/13\/solana-faces-critical-support-challenge-is-a-50-plummet-imminent\/","title":{"rendered":"Solana Faces Critical Support Challenge: Is a 50% Plummet Imminent?"},"content":{"rendered":"

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Grounds for confidence<\/h3>\n<\/p><\/div>\n
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Solana (SOL) has experienced an approximate 40% pullback over the last month, losing essential support levels since February. With its price retesting a significant horizontal threshold, several analysts caution about a potential 50% drop to an annual low.<\/p>\n

Associated Reading<\/span><\/h2>\n<\/p>\n

Solana Loses Essential Support Level<\/h2>\n

Solana has ranked among the premier cryptocurrencies in this cycle, driven by the market\u2019s memecoin enthusiasm. The altcoin surged over 270% within a year to its most recent all-time high (ATH) of $270, recorded nearly two months prior.<\/p>\n

However, SOL\u2019s bullish outlook has markedly diminished<\/a> since January, recently plummeting to its lowest point in more than a year. Consequently, the cryptocurrency has dropped over 50% from its January 19 ATH.<\/p>\n

At the beginning of last month, Solana lost the crucial $200-$220 support area, with the market downturn in February causing SOL to revisit its next significant levels. After dropping below the $180 point two weeks ago, its price hovered<\/a> within the $130-$150 range, shooting up to the $179 mark at the beginning of March.<\/p>\n

This week\u2019s market correction, which saw Bitcoin (BTC) descend to $76,000 for the first time in four months, has pushed Solana to fresh monthly lows.<\/p>\n

On Tuesday, SOL\u2019s price briefly fell to $111, a level not encountered since the August 2024 market crash, before rebounding to $125. Amidst the ongoing retest, pseudonymous trader Crypto Busy cautioned<\/a> that SOL must \u201cmaintain this critical support to keep a bullish sentiment above $100.\u201d<\/p>\n

Crypto analyst Ali Martinez had previously remarked<\/a> that the most vital zone for Solana seems to be between $110 and $125, as this horizontal threshold functioned as key support during its rallies in 2021 and 2024. The analyst indicated that \u201cholding above this range could be crucial for the upcoming move.\u201d<\/p>\n

SOL Price Faces Risk of Move to $60<\/h2>\n

Martinez also emphasized that Solana may be on the brink of a breakdown, having breached its key level. According to the post<\/a>, SOL is at risk of a 50% crash to the $60 level if it fails to maintain the $125 support area.<\/p>\n

The analyst noted that the cryptocurrency has been forming a right-angled ascending broadening pattern since March 2024, when it first reclaimed that level in this cycle.<\/p>\n

During this timeframe, every higher peak on Solana\u2019s chart has established a rising trendline at the top of the pattern, while the $125 support has remained \u201cas a robust horizontal support trendline.\u201d<\/p>\n

Associated Reading<\/span><\/h2>\n<\/p>\n

Nonetheless, SOL\u2019s breach below this horizontal area has heightened the likelihood of a 50% price correction to Q4 2023 levels. Furthermore, Martinez recently warned<\/a> of a potential correction based on Solana\u2019s trading pair against Bitcoin, which has begun to mirror ETH\/BTC\u2019s chart.<\/p>\n

The analyst suggested that the SOL\/BTC chart is resembling Ethereum\u2019s trading pair against BTC\u2019s past price movements, adding that if this trend continues, the SOL\/BTC chart could witness a decline to the 0.0008 area. Following the recent price movements, the trading pair reached a 15-month low of 0.0014624 on Tuesday.<\/p>\n

At the time of writing, Solana trades at $124, reflecting a 14% decline within the weekly timeframe.<\/p>\n

\"Solana,
Solana\u2019s performance in the one-week chart. Source: SOLUSDT on TradingView<\/a><\/figcaption><\/figure>\n

Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n<\/p><\/div>\n


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Grounds for confidence Rigorous editorial standards that emphasize precision, relevance, and neutrality Developed by specialists in the field and thoroughly examined The utmost standards in journalism and dissemination Rigorous editorial standards that emphasize precision, relevance, and neutrality Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio. Este<\/p>\n","protected":false},"author":3,"featured_media":9693,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[1689,1690],"class_list":["post-9692","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin","tag-gptreturn-a-list-of-comma-separated-tags-from-this-title-solana-retests-crucial-support-level","tag-50-drop-on-the-horizon-gpt"],"yoast_head":"\nSolana Faces Critical Support Challenge: Is a 50% Plummet Imminent? - WSJ-Crypto<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/wsj-crypto.com\/index.php\/2025\/03\/13\/solana-faces-critical-support-challenge-is-a-50-plummet-imminent\/\" \/>\n<meta property=\"og:locale\" content=\"it_IT\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Solana Faces Critical Support Challenge: Is a 50% Plummet Imminent? - WSJ-Crypto\" \/>\n<meta property=\"og:description\" content=\"Grounds for confidence Rigorous editorial standards that emphasize precision, relevance, and neutrality Developed by specialists in the field and thoroughly examined The utmost standards in journalism and dissemination Rigorous editorial standards that emphasize precision, relevance, and neutrality Morbi pretium leo et nisl aliquam mollis. 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