The price of Solana (SOL) fell from $204 to $122 in April, a 40% loss. The sudden sell-off on Tuesday caused many of the top altcoins to lose value as well. Solana experienced an intraday decline of 11%.
This price decline in cryptocurrencies could signal a breakout of multi-month support and indicate that sellers are forming a prolonged correction trend in the near future. In April, Layer 1 cryptocurrency Solana experienced a sharp decline due to increased market uncertainty due to the Bitcoin Halving event. This bearish trend led to a 40% loss, reducing the value of SOL from $204 to its current trading price of $122.
Daily chart analysis may indicate a bearish retest of an ascending trend line that has remained intact since November 2023. The price of the altcoin has recovered from this support several times, indicating that investors continue to actively accumulate during the market correction, thus a possible signal of an established rally.
Such sudden price movements reflect the volatile nature of the crypto market and investors' sensitivity to risks. At the same time, sharp declines in some altcoins show how market participants are affected by the uncertainty brought by events such as Bitcoin Halving.
Solana (SOL) appears to be at a critical level. The current retracement is still floating above the 50% Fibonacci retracement level. This could be a healthy pullback sign that could allow buyers to maintain the upper hand. As long as demand pressure at the trend line remains strong, it will be important for the Solana price not to fall below this support level for it to rebound.
Therefore, staying above the support trend line will be a critical factor for Solana holders and potential buyers in the coming weeks. However, if the altcoin breaks below dynamic support at the close of the daily candle, sellers may be able to initiate an extended correction. This could drop Solana's price to $98.5.
Tuesday's Bitcoin price correction towards $60,000 affected Solana and many other altcoins. Signs of a long-term correction caused SOL to fall 40% in April. Looking at the daily chart analysis, it appears that Solana has tested a critical trend line and investors are still active.
This shows that volatility and uncertainty continues in the cryptocurrency market. These corrections in altcoins like Solana can lead to rapid direction changes depending on the solidity of support levels and the overall trend of the market. Therefore, investors should closely monitor potential risks and support trend lines.
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