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Solana: Breaking down odds for more losses: Is $128 next?
Solana’s recent price action has been nothing short of astonishing, with the asset experiencing a sharp decline over the past month. As we assess the current market conditions and technical indicators, it appears that the bearish sentiment is here to stay, at least in the near term.
According to recent analysis by popular crypto analyst Ali Martinez, Solana’s price chart suggests a strong possibility of further losses. This assessment comes as no surprise, given the asset’s performance over the past month. Over this period, Solana has declined nearly 38.74%, a staggering decline that is not easy to ignore.
At present, the asset is trading at $141, marking a significant departure from its highs in recent months. As we look to technical analysis for further guidance, it becomes clear that the current market conditions are ripe for additional losses. Specifically, we see the Relative Strength Index (RSI) has fallen to oversold territory, indicating a strong bearish presence within the market.
Furthermore, our analysis of the market indicators suggests that investors are losing confidence in Solana’s potential as an investment opportunity. This sentiment is confirmed by a decline in Total Value Locked (TVL), which has dropped to a three-month low of $7.3 billion. As a result, many investors are choosing to liquidate their positions and transfer funds to stablecoins, a move that further validates the bearish sentiments currently dominating the market.
As such, if current trends persist, we could see Solana’s price fall even further, potentially reaching a 14-month low of $128. This assessment is not without precedent, given Solana’s recent performance and the strong bearish sentiment that continues to drive the market.
In conclusion, while it may be difficult for some investors to stomach the prospect of additional losses for Solana, our analysis suggests that this scenario is not only possible but also quite probable in the near term.
Source: https://ambcrypto.com/solana-breaking-down-odds-for-more-losses-is-128-next
