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Solana At A Crux: Will SOL Crash To $120 Accelerated By These Factors?
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Solana At A Crux: Will SOL Crash To $120 Accelerated By These Factors?

Dalmas Ngetich
Dalmas Ngetich
9 months ago
3 mins read
Solana

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Solana remains one of the top-performing crypto assets over the past year. Even though there is a retracement from the 2024 highs, the coin is still multiples higher than the 2022 lows.

Traders are upbeat about what lies ahead, with some convinced the coin will easily break $260 and register all-time highs in the coming months.

Like Bitcoin, Ethereum, and other top altcoins like Cardano, SOL faces determined sellers. From the daily chart, SOL is moving sideways in a possible accumulation, considering the current primary trend remains upward. However, on lower time frames, one trader thinks SOL might struggle in the coming few sessions.

SOL Holders To Prepare For More Pain?

Taking to X has picked out a head and short formation in the hourly chart. Technically, this candlestick pattern is associated with weakness. Of note is that this formation prints when the coin consolidates inside the bear range from July 28 through August 5.

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From the daily chart, SOL faces strong resistance at an August 8 high of $162. On the lower end, support is at $142. The sideways movement and fluctuation inside this range have formed a bear flag–another selling signal, especially if sellers of late July and early August press on.

In the hourly chart, the immediate resistance is around $150, marking the tip of the head. However, the top of the shoulder is at around $146. Meanwhile, the baseline of this pattern is at $142, coinciding with the critical support in the daily chart.

Solana price moving sideways on the daily chart | Source: SOLUSDT on Binance, TradingView
Solana price moving sideways on the daily chart | Source: SOLUSDT on Binance, TradingView

Therefore, reading from the above candlestick formation means that traders should prepare for more pain unless Solana bulls push higher. A break below $142 in the daily chart sets the ball rolling for aggressive sellers targeting June and July lows of around $120.

Solana Challenges: Centralization Claims, High Transaction Processing Failure Rate

The upside momentum, looking at other developments besides candlestick formation, is fizzling out. Last week, a severe security flaw was discovered and quickly patched.

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The critical vulnerability, analysts said, had the potential to cripple the whole network. What’s concerning is that even considering the severity of the flaw, the Solana Foundation and developers chose a “quiet” fix, calling into question Solana’s decentralization level.

Additionally, Solana has been struggling with high transaction processing failures. According to trading data from Jupiter, a top DEX on Solana, only about 35% of all transactions posted go through.

Solana transaction processing has high failure rates | Source: @ItsDave_ADA via X
Solana transaction processing has high failure rates | Source: @ItsDave_ADA via X

A big chunk, or 65% of all transactions, fail. The high failure rate significantly undermines some of the platform’s key selling points, mainly its low fees and high scalability.

Feature image from DALLE, chart from TradingView
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Dalmas Ngetich
Dalmas Ngetich

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

Read more

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.

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Reason to trust

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Created by industry experts and meticulously reviewed
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