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<p>Crypto trader and analyst CryptoJobs3 has highlighted potential risks for <a href="https://captainaltcoin.com/bearish-pressure-on-solana-sol-price-analyst-warns-of-potential-drop-to-100/" target="_blank" rel="noopener noreferrer nofollow">Solana (SOL)</a> holders. He warns that SOL may face a price correction in the medium term.&nbsp;</p>
<p>With SOL holding above key support levels, the trader noted that weak buying pressure and market indecision could lead to a decline towards $95-$98 or even $80.</p>
<h2 class="wp-block-heading" id="strong-sol-s-key-support-levels-holding-firm-strong"><strong>SOL’s Key Support Levels Holding Firm</strong></h2>
<p><a href="https://www.coingecko.com/en/coins/solana" target="_blank" rel="noopener noreferrer nofollow">Solana’s price is trading</a> at around $131.62, slightly above the critical support zone between $120 and $125. This zone has provided strong support in the past, preventing a more downward move.&nbsp;</p>
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   <p lang="en" dir="ltr"><a href="https://twitter.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$SOL</a> – Price analysis: <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4ca.png" alt="📊" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>The price is sitting above the 120 – 125$ key support zone. <br><br>On the weekly; prices are holding above the SSA, but the buy pressure is weak. <br><br>Large area of indecision [HTF] , there is no clear direction yet.<img src="https://s.w.org/images/core/emoji/15.0.3/72x72/23f3.png" alt="⏳" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br><br>In my opinion, a correction towards… <a href="https://t.co/SS8uPMnHwm" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/SS8uPMnHwm</a></p>— <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9d9.png" alt="🧙" class="wp-smiley" style="height: 1em; max-height: 1em;"> Crypto_Jobs <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f9d9-200d-2642-fe0f.png" alt="🧙‍♂️" class="wp-smiley" style="height: 1em; max-height: 1em;"> TA &amp; FA <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f3af.png" alt="🎯" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@CryptoJobs3) <a href="https://twitter.com/CryptoJobs3/status/1835615570718331050?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">September 16, 2024</a>
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<p>However, @CryptoJobs3 warns that the lack of strong buying pressure could weaken the support, potentially leading to a correction.&nbsp;</p>
<p>On the daily chart, the price is struggling to break through several resistance levels, including $140, and the range between $150 and $152. The analyst emphasized that breaking these resistances is crucial for any bullish continuation.</p>
<h2 class="wp-block-heading" id="strong-resistance-levels-pose-a-challenge-strong"><strong>Resistance Levels Pose a Challenge</strong></h2>
<p>Solana faces strong resistance at $140, $150-$152, and further up at $160-$162.50. These levels have previously capped price advances, and without buying momentum, SOL may fail to overcome these hurdles.&nbsp;</p>
<p>The descending trendline visible on the daily chart suggests <a href="https://coinchapter.com/solana-price-sol-topside-bias-vulnerable-if-it-continues-to-struggle-below-150/" target="_blank" rel="noopener noreferrer nofollow">SOL remains in a broader consolidation pattern</a>, preventing a strong breakout.</p>
<p>The tweet also pointed out that in the event of a bearish reversal, the $98-$100 support level, or even the $80 mark, could be tested. These zones correspond to previous consolidation areas, adding weight to the analyst’s caution.</p>
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<p><strong><em>Read also: </em></strong><a href="https://captainaltcoin.com/fantom-ftm-price-surge-analyst-predicts-potential-2x-run/" target="_blank" rel="noopener noreferrer nofollow"><strong><em>Fantom (FTM) Price Surge: Analyst Predicts Potential 2x Run</em></strong><br></a></p>
<h2 class="wp-block-heading" id="strong-market-indecision-and-weak-buying-pressure-strong"><strong>Market Indecision and Weak Buying Pressure</strong></h2>
<p>Both the daily and weekly charts reflect a broader pattern of market indecision, with Solana struggling to find clear directional momentum. The Ichimoku cloud on the weekly timeframe indicates that SOL is still in bullish territory, but weak buying pressure may hinder further gains.</p>
<p>@CryptoJobs3 also noted that if Solana fails to break through its key resistance zones, a correction toward $80 cannot be ruled out. This aligns with the analysis of a potential medium-term price decline if buying momentum continues to falter.</p>
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<p>The post <a href="https://captainaltcoin.com/this-crypto-trader-warns-solana-holders-sol-price-correction-towards-80-cannot-be-ruled-out/" rel="noopener noreferrer nofollow">This Crypto Trader Warns Solana Holders: SOL Price Correction Towards $80 ‘Cannot Be Ruled Out’</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

This Crypto Trader Warns Solana Holders: SOL Price Correction Towards $80 ‘Cannot Be Ruled Out’

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