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Solana Price Drops Below $100 Once Again, Could This be the Local Bottom?

Hey there crypto traders, brace yourselves for the Solana down spectacle – it’s the talk of the town, but not exactly for the right reasons! The latest scoop? SOL’s ticker decided to take a detour, waving goodbye to $99 after a wild ride that started 2 months ago when we called it at $30 all the way until it hit $126.50. Someone must’ve told Solana it’s time for a breather, and boy, did it listen!

Now, don’t get all serious on us – this is just Solana stretching its crypto legs after a December sprint and Memecoin craze that even impressed the fast and furious Ethereum. You know how it goes in the crypto world, right? One day you’re the star, and the next, you’re taking a backseat to the flashy Ethereum ticker doing its own moonwalk.

Solana Heading Down due to Overbought

Our favorite coin, SOL, joined the “Overbought Club” in December, with the daily RSI flashing the “overbought” sign like it’s the hottest ticket in town. Talk about popularity! Traders, sensing an opportunity for a crypto siesta, decided it’s time to cash in those gains. Even the big players in the SOL game made a cameo, selling off their holdings like it’s a crypto garage sale. In the image below you can see when the RSI levels go above 80, we’re usually due for a little pullback.

You can Buy/Sell/Trade $SOL on Bybit or OKX

TVL Indicator

And what’s this we hear? Solana’s TVL (that’s Total-Value-Locked for the uninitiated) took a dip of 2 million SOL (around $200 million). That’s like someone accidentally dropping their crypto keys in the sofa cushions – oops! You can check that on DeFi Lama.

Ethereum

But hey, let’s not forget the comedy duo – SOL and its arch-rival, Ethereum. While SOL was catching its breath, ETH did a victory dance with a 12.35% climb, leaving SOL/ETH pair shuffling awkwardly at a 23.75% decrease. It’s like a dance-off where one partner suddenly decides to cha-cha while the other goes for the moonwalk – crypto style!

Trading Solana

Now, let’s talk serious business – the technicals. SOL/USD is apparently feeling a bit too overloved, prompting some chart analysts to suggest a possible crypto spa day in January. The bears want to close the door on SOL below $100, setting the stage for a dramatic drop to potentially $68.5 levels But don’t count the bulls out just yet – they’re aiming for a swanky close above $130, possibly jetting SOL to $150 by February. It’s like a crypto rom-com – will they break up or make up?

My personal trade orders are between 88-90$ with a relatively tight Stop-loss. My larger orders are in the low 70s in the case of Maham. It goes without saying, no financial advice, etc.

Final Thoughts

So, fellow crypto adventurers, buckle up and enjoy the Solana rollercoaster. After all, what’s crypto without a few ups, downs, and a sprinkle of drama? Nothing goes up in a straight line, right?

If you’re bullish on Solana in general, you can farm some $Sol airdrops while we wait for price recovery.

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You might also like our recent content about the Injective ($INJ) & Trading Fundamentals.

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