Solana (SOL) Price Could Drop to $120 Before New All-Time High, Analyst Says

Despite Solana (SOL) losing 12% of its value in the last seven days, crypto analyst Crypto Kaleo says that SOL’s price could drop further to $120. If this happens, it may set the stage for a stronger upswing, allowing Solana to consolidate before aiming for new highs.

This analysis will assess whether the prediction of a drop to $120 is likely and how it could impact Solana’s future trajectory.

Solana Keeps Losing Steam

Kaleo first shared his opinion on August 27, predicting a price drop for Solana (SOL). Three days later, SOL fell to $130, and the analyst reaffirmed his stance, suggesting it could go lower. Today, he mentioned the same as crypto lose nearly 5% in the last 24 hours.

Solana’s all-time high (ATH) of $260 occurred in November 2021, and earlier this year, the token hit $200, sparking speculation of a new ATH. However, this has yet to materialize.

On the weekly chart, SOL seems to be following a familiar pattern, similar to its decline from $204 to $78 in March 2022. While the price may not fall that low, it is likely to drop to $120 or potentially as low as $110.