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Solana (SOL) Price Prediction for March 8
After a few days of market bounce back, according to CoinStats, the current market sentiment is not looking promising for Solana (SOL). As per our previous analysis, we had suggested that SOL’s price might drop significantly due to bearish momentum. Unfortunately, our forecast has come true.
As we speak, SOL is trading at $136.65, which represents a 6.62% decline over the past 24 hours. In light of this recent development, it seems increasingly likely that the cryptocurrency will continue its downward trajectory.
From an hourly perspective, the price action indicates that a local support level of $136.64 might be breached shortly. If this happens, we could see SOL drop further to the $135 mark in the near term.
Taking a step back, and looking at the bigger picture, it is evident that our bearish thesis still stands. As the cryptocurrency approaches the critical level of $130.65, there is a risk of further declines if bulls fail to regain control soon. In this scenario, we might see SOL plummet to the $110-$120 range.
In conclusion, while it’s difficult to predict with certainty, our analysis suggests that Solana (SOL) may continue its downward trend in the short term.
Source: https://u.today/solana-sol-price-prediction-for-march-8
