Solana had recently emerged from a multi-month descending channel, sparking optimism for a trend reversal after a brutal crypto winter. SOL has gradually bled value after topping out around $126 in mid-December. However, it found support near $80 and had recently claimed the $100 level.
CoinMarketCap data shows that SOL has lost its $100 support, has dropped in value in the last 24 hours, and is trading at $97.75.
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Will SOL reclaim $100 this week?
Crypto analysts have diverging opinions on whether the latest move is just a bull trap or the early stages of a sustained positive trend. Several well-followed traders view the breakout as credibly bullish given Solana SOL’s adherence to recently established patterns.
Drawing insights from SOL’s performance at the beginning of 2024, experts from Changelly have provided their price projections for Solana. It is anticipated that the minimum price for SOL during this period will be around $85. Changelly analysis shows SOL to hit $100 on February 7.
Also read: Cryptocurrency: 3 Altcoins That Could Outshine Bitcoin in February
For now, analysts broadly agree that the technical alignment favors the bulls with proper entry points. The analysis comes at a time when Bitcoin is hovering around the $43,000 level.
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