Why Solana is likely to collapse to $105,000, according to expert

As Solana ( SOL ) trades just below the $200 mark amid broader market weakness, an analyst has suggested that the cryptocurrency could be on the verge of a sharp correction toward $105. This outlook, shared by TradingShot in a TradingView post on October 21, is based on Solana’s trading pattern since bottoming out in early ￰0￱ then, the token has moved within an upward channel, consistently forming higher highs and higher ￰1￱ price analysis chart.), which acted as the foundation for the April rebound. However, the analyst noted that the latest pullback has exposed underlying weaknesses, bringing the token dangerously close to a key support level at the 200-day moving average around $165.

Despite holding this level on four successive tests, the outlook indicates that Solana’s price action shows signs of waning ￰2￱ Relative Strength Index ( RSI ) has softened, signaling fading bullish pressure, while the price remains squeezed between the short-term 50-day moving average at $194 and the long-term 200-day MA. A decisive break below $165 could trigger a deeper selloff, aligning with the lower boundary of the ascending channel and potentially sending SOL back to the $105 region, coinciding with the 200-week MA support. TradingShot’s model shows that Solana must hold above its 1D MA200 to avoid a breakdown of its bullish channel. A close below this level could trigger a reversal toward $105, while a holding firm could pave the way for a rebound toward $278.

SOL price analysis By press time, Solana was trading at $188.94, down 1.3% in the past 24 hours, while on the weekly chart the token is down 3.5%. SOL seven-day price chart.