SOLANA PRICE ANALYSIS & PREDICTION (March 11) – Sol Hits 7-Month Low Amid Major Price Collapse, Down 7% Weekly

Following another major crash in the past week, Sol has experienced a total loss of 40% in a month. This notable loss dipped the price to a seven-month low, but it has seen a slight recovery in the past hours.

Sol’s trend appeared more bearish on a short-term basis as the price continues to drop weekly due to volume outflows. Because of this, bigger losses should be expected as long as the supply level keeps increasing.

The past week’s trading was painful following a sudden sell-off from $180 – now marked as a monthly resistance level. This led to a significant loss, and the price collapsed to a new multi-month low of $112 today. This collapse came as a retest of last August’s low. It respected the low and now created a temporary support.

A bounce from there brought a slight gain to where it is currently priced at $124. In fact, there’s no signs of retracement at the time of writing. If that happens, Sol may see a short recovery towards the $150 level before resuming bearishly. Despite the slight bounce, the bears are still in control.

More pressure could cause more deductions in the future. While that will likely play out soon, the $100 level remains an area of interest for selling before deciding where to head next. It is looking highly bearish on the weekly chart.

SOL’s Key Level To Watch

Source: Tradingview

Dropping off the current low could bring a test at the $110 level. An extension from there could slip the price to the key level of $100 and potentially $90 in the coming weeks.

It is facing resistance at $125.5. If the price increases above it, the next resistance to watch for a retest would be $139, along with the $152.9 level. Above it lies $180.

Key Resistance Levels: $139, $152.9, $180

Key Support Levels: $110, $100, $90

• Spot Price: $124.6
• Trend: Bearish
• Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!