A crypto analyst has announced that the Solana price has just broken below a critical support level that had previously triggered an explosive bull run in the last market cycle. With SOL currently struggling below $100 and facing persistent bearish pressure, the analyst has outlined two possible scenarios that could determine the cryptocurrency’s next moves.
Analyst Predicts Two Possible Scenarios For The Solana Price
In a recent X post, market expert Crypto Tice said that the Solana price now has only two possible paths after slipping below a key support level that drove its 2022-2023 bull rally. At the time, SOL’s price had held onto the level before exploding to new all-time highs.
The analyst noted that the same pattern appeared to be forming again almost perfectly during this cycle. However, instead of holding the key level as it did in the past cycle, SOL deviated from the historic chart pattern by slipping below it. Against this backdrop, Crypto Tice has projected Solana’s next moves.
According to the analyst, if Solana manages to reclaim the broken historic level, it could reignite its bullish momentum and drive its price toward $250. Such a move would signal that buyers are stepping back in to regain control and that the market has resumed following the historic path seen during the 2022-2023 cycle. Based on Solana’s current price near $75, a rally to $250 would represent a gain of more than 233%, offering significant upside if the bullish scenario plays out as expected.
On the flip side, Crypto Tice warns that if the recent breakdown is accepted and Solana fails to reclaim the support level, the cryptocurrency’s price could crash to new lows. In this case, bulls could be trapped for an extended period as a larger correction potentially unfolds. With SOL’s price already down 10% this past week and over 5% in the past 24 hours, a continued decline could intensify selling pressure and deepen its weakness.
At the same time, Crypto Tice has warned that the next candle will be critical in deciding SOL’s short-term direction. He said he is now closely watching price action for any signs of recovery or further weakness.
SOL Continues Heavy Bearish Streak
Despite many analysts keeping a positive outlook on Solana, the cryptocurrency remains in a strong bearish trend. Market analyst Crypto Patel noted that Solana has just printed eight consecutive red monthly candles, indicating a prolonged slump.
He called this move historical, noting it’s the first time Solana has faced such a long bearish streak since its launch. During the 2021 cycle, SOL had around nine red monthly candles, but they were not consecutive. Patel added that after the previous bearish phase ended and the price hit a bottom, Solana surged quickly to near its all-time high of $295.
Based on this pattern, Crypto Patel suggested that if history repeats, Solana could see a sharp rebound after the ninth red candle, potentially climbing to the $500 – $1,000 range once it prints a ninth red candle and it hits a bottom.
from Bitcoinist.com https://ift.tt/3GZuO9x
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