Amid a wave of bullish sentiment sweeping through Solana and the cryptocurrency market, popular cryptocurrency analyst and trader Crypto Jelle offered knowledge on SOL’s price action, warning SOL that there will likely be a substantial decline that could bring the digital asset’s price back to $140.
Crypto Jelle’s analysis highlights indications of waning momentum in Solana’s price action and that any sustained upside could face difficulty in resistance levels.
Solana ready for a downward correction
Over the past few weeks, Solana negotiated a tumultuous market environment marked by extreme volatility and changing investor sentiment. Today, Solana price demonstrates a bearish movement after falling from the $161 level to $149.
Crypto Jelle shared his views on the decline, noting that the coin could see a deep correction up to the $140 mark. His projection explores SOL’s inability to replicate an uptrend from a few months ago.
According to Crypto Jelle, SOL was unable to reflect the trend of February and March, which saw a significant rise above the $200 level. Solana’s inability to maintain its upward trajectory and overcome significant resistance levels suggests possible short-term bearish fluctuations. SOL lost support and was rejected, which triggered Crypto Jelle’s anticipation of an upcoming decline to $140.
The analyst’s caution comes as the cryptocurrency market is experiencing extreme volatility and sharp price swings are commonplace. Additionally, the prediction serves as a reminder of the unpredictability of digital assets and the need to use careful trading techniques.
What could Solana’s next trajectory be?
Solana’s price action over the past few days has prompted several predictions from crypto experts. On Wednesday, cryptocurrency analyst Credibull Crypto also Free an insightful overview of GROUNDhighlighting that its price is hovering near a pivotal point, where notable levels of support and resistance could determine its next trajectory in the months to come.
According to the expert, like Dogecoin (DOGE), the largest meme coin, Solana is also at the decisive stage that he previously described a few weeks ago. Furthermore, he noted that this is the latest positive development preventing SOL from plunging all the way to the $115 price level.
Based on its latest post, Credibull Crypto said that it is completely strapped for resources and is waiting to see what kind of response SOL will produce, as this is the most likely area to see relief.
However, the good news is that when Bitcoin fell to its low range, SOL and DOGE have reached their respective “make or break” thresholds. As a result, SOL and DOGE will at least temporarily reverse if Bitcoin does so at this point, citing this scenario as the most sensible option.
Featured image of Adobe Stock, chart from Tradingview.com
