Solana (SOL) has plunged below the critical $100 support level for the first time in over 12 months, as intense selling pressure grips the cryptocurrency market. The broader crypto market selloff, triggered by escalating trade war concerns, has pushed SOL into dangerous territory, with the token losing more than 45% of its value since early March.
Leading crypto analyst Jason Pizzino warns that SOL could be headed for an 80% correction from recent highs, potentially targeting the $60 level. The breakdown below $100 represents a significant technical breach that could accelerate selling pressure in the coming weeks.
Technical Analysis Points to Further Downside
The technical outlook for Solana appears increasingly bearish as multiple indicators flash warning signs. Pizzino’s analysis highlights the “3-bar rule” showing repeated bearish signals since November 2024, with the latest breakdown confirming the negative momentum.
Key support levels to watch include:
- $80 – First major support zone
- $60 – Critical level representing 80% correction
- $110-120 – Previous support now resistance
Macro Factors Amplify Selling Pressure
Global market uncertainty driven by trade war tensions continues to weigh heavily on high-risk assets like Solana. The combination of tightening financial conditions and weakening investor confidence suggests the correction may have room to run.
What’s Next for SOL?
For Solana to regain bullish momentum, it must first reclaim the $110-120 zone. However, current market conditions and technical indicators suggest the path of least resistance remains to the downside. Traders should watch the $80 level as the next major support zone that could potentially stabilize prices.
FAQ Section
Q: How low could Solana go in this correction?
A: According to analyst Jason Pizzino, SOL could target the $60 level, representing an 80% correction from recent highs.
Q: What needs to happen for SOL to reverse the downtrend?
A: Bulls need to reclaim the $110-120 resistance zone to signal a potential trend reversal.
Q: Are such large corrections normal for altcoins?
A: Yes, 80% corrections are not uncommon during major altcoin market cycles, especially during periods of broad market weakness.