Solana (SOL) Price Forecast: 20% Drop Imminent

Potential 20% Drop in Solana (SOL) Price is on the Horizon.Solana has been declining since it was rejected by the long-term resistance zone at $120 on December 26, 2023. The decline created a short-term bearish structure. This shows that the bears have regained control and are selling aggressively.The daily RSI (Relative Strength Index) has formed a significant downtrend in the overbought territory and is currently crossing below 50. Both are bearish signals and indicate further downward pressure. Therefore, SOL price is likely to continue its decline towards the previous resistance zone at $78, which is 20.29% lower than the current price.The 4-hour chart shows that Solana price has formed a range between $86 and $106 since January 3, 2024. The validity of the range was confirmed by testing both the support and resistance of the range twice.Yesterday SOL price was rejected by the resistance of the range (red arrow) and is currently declining. The 4-hour RSI showed a bearish trend and crossed below 50, supporting the continuation of the decline. Therefore, it is possible that Solana will fall towards $86, which is the support of the range, in the coming days.

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