Solana Price To Drop To Double Digits? Major Levels To Watch For Entries

Source Newsbtc

Crypto analyst SiDec has raised the possibility of the Solana price dropping to double digits. The analyst revealed major levels to watch for entries as market participants brace up for this massive crash. 

Major Levels To Watch As Solana Price Risks Drop To Double Digits

In a TradingView post, SiDec highlighted the range between $136 and $143 as the major resistance zone for the Solana price. Meanwhile, he stated that between $102 and $98 is the next major support zone, indicating that SOL risks dropping to double digits soon if it fails to hold this support zone. 

The analyst noted that the Solana price has been in a slow uptrend over the past five days, after hitting the low at $112. He added that the current price action looks like an ABC corrective pattern, which could mean that SOL is setting up for lower prices. While alluding to the key levels to watch for entries, he SiDec noted that placing orders at key levels helps increase the chances of catching the right move without overcommitting too early. 

Solana

He then discussed the resistance zone between $136 and $143. The crypto analyst remarked that the Solana price will likely struggle in that range, as the area contains multiple technical confluences suggesting a potential reversal or strong reaction. As such, SiDec stated that this range is a prime area to consider for short positions, especially if the price starts showing weakness. 

On the other hand, SiDec revealed that a major demand zone is forming between $102.1 and $98.50 on the downside for the Solana price. He stated that this zone has multiple technical confluences, making it a high-probability long entry area. The analyst added that this zone presents a solid long opportunity for gradual scaling into positions as price moves deeper into support. 

Market Outlook For SOL

SiDec remarked that there is a short bias until the Solana price reclaims $143.80, with this level a strong resistance zone for potential short trades. For market participants looking to enter a short position, the analyst remarked that laddering into the resistance zone ensures better risk management and higher entry efficiency. 

Meanwhile, for a long setup, the analyst stated that starting small at $112 and increasing position size down to $98.50 ensures strong positioning in a high-confluence demand zone. He added that scaling into trades rather than committing at a single price increases flexibility, improves trade execution, and helps market participants adapt better to price movements.

Further discussing the Solana price action, SiDec noted that the $100 target coincides with the 200 Exponential Moving Average (EMA) on the weekly timeframe, adding confluence to this strong support. 

The analyst also mentioned that if the Solana price decisively breaks above $144, it would invalidate the short thesis and suggest a potential move higher toward $150. Meanwhile, a strong rejection from the resistance zone would likely accelerate the move toward $112 to test demand at swing low. 

At the time of writing, the Solana price is trading at around $128, down over 4% in the last 24 hours, according to data from CoinMarketCap.

Solana
Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Will the Fed Rescue the Plunging U.S. Stocks? Can Powell Act—or Even Try—at the March Meeting?TradingKey – The early days of Trump’s return to the White House have failed to deliver the "Make America Great Again" (MAGA) rally investors hoped for, instead pushing the S&P 500 into correction ter
Author  TradingKey
7 hours ago
TradingKey – The early days of Trump’s return to the White House have failed to deliver the "Make America Great Again" (MAGA) rally investors hoped for, instead pushing the S&P 500 into correction ter
placeholder
[IN-DEPTH ANALYSIS] Trump Policies: Market Overreacted, Remain Bullish on StocksExecutive SummaryThere’s no doubt that Trump’s high tariffs and retaliatory measures from trade partners alone could dampen the upward momentum of U.S. and European stock markets. However, Trump’s pot
Author  TradingKey
8 hours ago
Executive SummaryThere’s no doubt that Trump’s high tariffs and retaliatory measures from trade partners alone could dampen the upward momentum of U.S. and European stock markets. However, Trump’s pot
placeholder
NZD/USD hits three-week high near 0.5775; seems poised to climb further on bearish USDThe NZD/USD pair gains positive traction for the second straight day on Monday and climbs to a three-week high, around the 0.5775 region during the first half of the European session.
Author  FXStreet
8 hours ago
The NZD/USD pair gains positive traction for the second straight day on Monday and climbs to a three-week high, around the 0.5775 region during the first half of the European session.
placeholder
EUR/USD wobbles as Fed’s policy takes center stageEUR/USD trades in a tight range below the key level of 1.0900 in European trading hours on Monday.
Author  FXStreet
9 hours ago
EUR/USD trades in a tight range below the key level of 1.0900 in European trading hours on Monday.
placeholder
This week, Fed’s Powell must talk up growth while keeping rate cuts on the tableJerome Powell is stepping into a tough spot this week. He has to assure investors that the economy is strong while making it clear that the Federal Reserve is ready to cut interest rates if things start going south. The timing is brutal. Stocks have been unstable, bond yields are down, and the White House […]
Author  NewsBTC
9 hours ago
Jerome Powell is stepping into a tough spot this week. He has to assure investors that the economy is strong while making it clear that the Federal Reserve is ready to cut interest rates if things start going south. The timing is brutal. Stocks have been unstable, bond yields are down, and the White House […]
goTop
quote