Crypto: 9 Days Of Decline For Solana, Heading Towards A Rebound Or A New Plunge?

For more than a week, Solana, once buoyed by a wave of optimism, has seen its value plummet alarmingly. This popular crypto, once promised to great heights, is now struggling to regain its shine. While some hope for a rebound, others fear a return of the bears. The question on everyone’s lips: Can Solana break through the $160 resistance, or is it doomed to fall back to $126?

Solana: An alarming decline

Solana (SOL), whose definition is given as follows, has seen its price plummet by 20% in just eight days, reaching a worrying zone. This is not the first time that the SOL crypto has found itself in free fall: in July, it had already plunged by 30%.

$SOL has been down for 9 days straight, a record for @Solana.

After 8 red days, it previously bounced back with +10.75% and +14.22%.

Can it break the resistance ahead? 🤔 pic.twitter.com/UtDxs30uhe

— Cointelegraph (@Cointelegraph) September 2, 2024

Yet this time, traders seem more worried. The consolidation between $126 and $160, which had previously raised hopes for a rebound, might well turn into a trap for investors.

• Continuous decline: 9 consecutive days of losses;
• Rebound attempts: +10.75% and +14.22%, but without lasting breakthrough;
• Critical resistance: $160, a seemingly insurmountable threshold.

Technical indicators, such as the RSI (Relative Strength Index), show that Solana is dangerously approaching the oversold zone, which could signal an end to the bearish cycle. But this hypothetical lull does not convince everyone. Even if seller pressure eases, the road to recovery seems strewn with obstacles.

The Persistent Challenges of SOL Crypto

Crypto enthusiasts who had bet on a rebound might have to wait a little longer. The cryptocurrency market is known for its volatility, and Solana is bearing the brunt. 

The resistance at $160 has been tested repeatedly, but without success, note the analysts. Breaking this level could pave the way for a new rise to $169 or even $182. However, without a significant turnaround in market conditions, such a scenario remains uncertain.

Solana might well drop back to $126 before it can hope for any recovery. Investors remain divided: on one side, those who believe in a trend reversal; on the other, those who think Solana is about to suffer another downfall. With altcoins also under bearish pressure, Solana’s future remains uncertain.

While Solana ETFs struggle to convince, the SOL crypto seems to be at a turning point. The question remains: will this crypto be able to overcome its current challenges and rebound, or is it doomed to an inexorable fall to new lows?