Solana’s Price Dip Raises Concerns: Will Support Hold or Trigger Pessimism?

Alphractal, a cryptocurrency analysis firm, has released its assessment of Solana (SOL) following recent price declines. While the risk associated with SOL has eased slightly, the firm warns that further drops remain possible. Alphractal’s analysis indicates that despite reaching below $100 earlier this month, Solana hasn’t exhibited extreme levels in key risk indicators such as Sharpe Ratio and Normalized Risk Metric (NMR). This suggests potential for more favorable buying opportunities at lower prices after Solana’s strong surge into 2024. 💡 However, the firm cautions that if support at $100 weakens, this could reignite pessimism in the market.