Crypto Sell-Off: Is Solana Headed for $80?Without a doubt, Solana was the hottest topic in the crypto market last year and at the start of this oneโespecially with the meme coin craze.
However, after peaking near $300, the price began to decline in what initially appeared to be a normal correction. But once Solana broke below the $200 mark, things turned ugly, and the price quickly dropped to the key $120 support zoneโa level that held strong over the past year.
Now, it looks like Solana is on the verge of breaking below this support, which could trigger an acceleration toward $80, with the $100 psychological level as an intermediate stop.
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Why the Downside is Likely to Continue
๐ Bulls Canโt Hold Gains โ Short-term rallies are fading fast, showing a lack of real buying strength.
๐ Bearish Engulfing Candle โ Yesterdayโs price action printed a lower high, adding further pressure on support.
๐ $120 Breakdown Incoming? โ If this level fails, expect a sharp decline toward $80.
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Trading Plan: Selling Under $130
๐ป Sell Rallies Below $130 โ Targeting a move to $80 in the medium term.
๐ป Only a Sustained Move Above $130 โ Would shift Solana to a neutral stanceโnot bullish by any means.
For now, the bearish pressure remains, and selling rallies is the strategy to follow. ๐
