Bearish Solana price predictions are playing out this Thursday as the cryptocurrency market steps back from recent gains. The SOL/USDT pair is coming off a new record high at 260.04, and the profit-taking that has trailed the breakout move from the bullish pennant continues.
Technically speaking, the presence of the double top on the daily chart has spurred increased downside bets on the pair. The SOL/USDT pair has declined 10.22% on the day and is currently testing resistance at the 197.52 price mark. An unofficial Fear and Greed index obtained from Alternative.me shows that the index is at 77. There is extreme greed in the market, which is where institutional players typically distribute assets.
What is the potential Solana price prediction outlook in the near term?
Solana Price Prediction
The SOL/USDT pair continues the downward correction after bears broke down the 234.76 support. The double top on the daily chart opened the door for a breakdown of the 219.21 support The measured move towards the 197.52 support has been completed, but this support is still under heavy selling pressure. 186.61 and the 17 October high at 168.46 are the potential targets to the south that could become available if the decline below 197.52 continues.
A return to the uptrend follows the break of the 260.04 high. This move enhances the potential for 279.89 (161.8% Fibonacci extension level) to become a new upside target. However, this move needs a bounce that ultimately takes out 219.21 and 234.76 (6/15 November lows).