Solana (SOL) Edges Lower as Bears Contemplate a 25% Downswing

– Solana might see its price dropping by 25% as the alt broker beneath a massive support level on 10 December.
– If bears continue dominating the network, SOL might see a downward trip towards $128.
– Even if bulls step up to reverse the underperformance phase, multiple hurdles await Solana’s upward actions.

Solana witnessed its price dipping under a crucial level and might experience a 25% plunge with the momentum shifting downward. Solana struggles to regain its higher price levels as the ETH killer prepares to crash toward $128.

Solana Price Presents Bearish Bias

The 12hr chart shows SOL has sliced under the descending parallel channel’s lower boundary at $175 during the 10 December sessions. That confirms a bearish picture for the altcoin. The primary technical formations forecast a 25% decline towards $128. Bulls need to reverse the current underperformance trend to avoid the downward projection.

Solana’s price has the initial defense line at 61.8% FIB retracement area of $170further supports might showcase at 6 October peak of $162, then 11 October high of $153. Moreover, the alt might find support around the 78.6% FIB retracement level, located at $146. If selling momentum magnifies, Solana might plunge towards the bearish target of $128.

If SOL bulls step up to reverse this underperformance period, Solana will hit its first resistance area at the parallel channel’s bottom boundary at $174. Solana will encounter more hurdles on its way up. The first obstacle will emerge at 200 12Hr SMA at $185, then a 50% retracement zone of $186.

Further headwind might showcase at the 21 12Hr Simple Moving Average around $198, then $203, where the prevailing chart pattern’s middle border, 50 12Hr Simple Moving Average, and 38.2% Fib retracement level intersect.

If Solana’s price overpowers the obstacle, the altcoin will aim at the 100 12Hr Simple Moving Average at $212. Additional buying strength might catalyze bulls to target bigger aspirations, targeting the parallel channel’s upper border at $236.

Meanwhile, SOL’s road with fewer hurdles remains the downside one. Although bulls can reverse the plummeting trend, they need to prepare to battle multiple obstacles. Moreover, bearishness across the crypto spectrum weighs down on Solana.