Solana Price at Risk: Will SOL Hold the $126 Support or Drop Further?

Solana (SOL) is at a critical point, trading near the $126 support level. If it breaks below, prices may fall to $90, but a rebound could take SOL towards $154 or $187. Investors await the upcoming Breakpoint event.

Solana (SOL) has been trading within a parallel channel since April, with its lower boundary sitting at $126. Crypto analyst Martinez has issued a warning regarding the possibility of a significant price decline if SOL fails to maintain support at this level. He emphasized on Twitter that “a sustained close below $126 will trigger a major price correction to $110 or even $90!”

Over the past week, Solana has experienced a 6% decrease, bringing attention to the $126 support level. If SOL falls below this crucial point, increased selling pressure could push the price down further, with potential targets at $110 and $90. However, should SOL manage to rebound from the $126 support, it may rise towards the middle or upper boundaries of the channel, currently sitting at $154 and $187, respectively.

Despite the looming bearish sentiment, there is still optimism within the community. Historically, Solana has shown a tendency to rally ahead of its annual Breakpoint event, a major gathering for developers and enthusiasts of the network. In the past three years, SOL saw impressive price gains of 35% in 2021, 60% in 2022, and 40% in 2023 leading up to the event. As the next Breakpoint approaches, investors are watching closely to see if this trend will continue and bring a positive boost to SOL’s price.

Investors should keep an eye on the key support level of $126 and remain aware of the potential for either a significant correction or a rally, especially with the upcoming Breakpoint event acting as a possible catalyst.

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