Like Bitcoin and other top altcoins, Solana is still selling off at press time, recouping losses from the first half of the year. At press time, SOL, the intelligent contract platform’s native currency, is trading around $130, retesting a critical support level.

Currently, the third-largest crypto asset is down almost 40% from its 2024 peak of around $210. Technically, sellers are in control, and unless there is a edged change in the trend in favor of buyers, the short-term trend will remain bearish.

Is SOL Preparing for $100? A Triple Bottom Is Forming

While some analysts are confident, expecting a rebound towards the $200 zone in the coming days and weeks, others are despondent. Referring to X, one analyst he said SOL, given the current state of prices, believes that the price of the cryptocurrency will drop to as low as $100.

It should be noted that this outlook is due to the recent decline from key resistance, previously supported, at around $140. With the coin changing hands at $130, the analyst believes there will be more losses in the continuation of the bearish trend. According to his outlook, SOL will decline “if nothing changes” in the market.

The forecast, looking at the candlestick pattern on the daily chart, is not surprising. As mentioned earlier, SOL is down almost 40%% from the March highs.

With prices consolidation and moving in a wide range from $210 on the high end to $130 on the low end, this forecast is in line with recent price action. Currently, SOL is retesting multi-month support as a form of a triple bottom.

To print an uptrend from October 2023 to March 2024, SOL needs to find support around spot rates. Further gains above $140 and $160 could trigger demand, lifting the coin towards $190 and eventually $210 or 2024 highs.

Solana sell-off, Bitcoin sell-off and Pump.fun liquidation affect sentiment

Still, the upside will depend on a number of factors. Bitcoin’s price recovery will likely lift altcoins, of which SOL ranks high. In addition, a resurgence in meme coin activity on Solana will be a gigantic price mover.

Lookonchain data can be seen that Pump.fun, a Solana meme coin launch platform, is liquidating SOL. As a vast holder, their action is net negative, affecting sentiment and helping to sow doubts about the power of buyers.

As a SOL whale, the more they sell, the more retailers throw out, following suit. As of September 3, the meme coin startup has sold over 264,000 SOL worth over $1.3 million.

Main image from Shutterstock, chart from TradingView