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Solana (SOL): Key Steps Before Aiming for $200

2 mins
Updated by Ryan Boltman
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In Brief

  • Solana’s price is trading below the key support of $169, which is not a good sign for the altcoin.
  • MACD is highlighting the first bearish crossover in nearly a month, which furthers the potential of a price decline.
  • However, SOL’s correlation to Bitcoin is rather high at 0.93, which could prevent a drawdown to $156.
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Solana (SOL) is witnessing a short-term correction, which has resulted in the altcoin losing its shot at reaching $200.

The chances of SOL climbing back up are very high, either, since mixed market signals suggest a different outcome.

Solana Set for Sideways Movement

Solana’s price fell to $166 at the time of writing, slipping below the crucial support of $169. This has propelled the altcoin’s bearishness, evident in the Moving Average Convergence Divergence (MACD).

The MACD is a momentum indicator that measures the difference between the 12-day and 26-day exponential moving averages (EMAs). It generates buy and sell signals through the MACD Line and the 9-day EMA Signal Line crossover.

Solana is witnessing the first bearish crossover in nearly four weeks, which is not a good sign for price.

Solana MACD.
Solana MACD. Source: TradingView

Furthermore, altcoin shares a very high correlation of 0.93 with Bitcoin. This is both a boon and a bane for SOL. This is because should the world’s biggest crypto asset mark a rally, Solana’s price would benefit by following its cues. 

On the other hand, if BTC falls, SOL may not be safe from a drawdown either. At the moment, the latter seems to be the more probable outcome. This is because Bitcoin’s price recently lost the critical support floor of $68,500 and could look at further decline.

Read More: How to Buy Solana (SOL) and Everything You Need To Know

Solana Correlation to Bitcoin.
Solana Correlation to Bitcoin. Source: TradingView

In turn, Solana could observe a decline, too.

SOL Price Prediction: One of the Two

Solana’s price is looking at either consolidation or a drop. The aforementioned factors suggest the latter outcome. The result would be SOL falling to the low of $156, which could send the “Ethereum killer” to $137.

Read More: Solana (SOL) Price Prediction 2024/2025/2030

Solana Price Analysis.
Solana Price Analysis. Source: TradingView

However, if the broader market cues turn positive and Bitcoin’s price recovers, Solana’s price could benefit, too. This would counter the bearishness SOL is experiencing at the moment, resulting in potential consolidation between $169 and $156. 

The optimism could eventually lead to a breakout above $169, enabling a rise to $200, invalidating the bearish thesis.



In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

Aaryamann Shrivastava
Aaryamann Shrivastava is a technical and on-chain analyst at BeInCrypto, where he specializes in market reports on cryptocurrencies from diverse sectors, including Telegram Apps, liquid staking, Layer 1s, meme coins, artificial intelligence (AI), metaverse, internet of things (IoT), Ethereum ecosystem, and Bitcoin. Previously, he conducted market analysis and technical assessments of various altcoins at FXStreet and AMBCrypto, covering all aspects of the crypto industry, including...