Solana Drops to 2-Year Lows — History Suggests a Bounce Toward $100 is Incoming
Despite hitting two-year lows, historical metrics suggest Solana may be undervalued and poised for a recovery toward $100.Summary
Solana (SOL) recently declined to lows not seen in nearly two years, driven by broader market weakness. However, on-chain data suggests the asset is deeply undervalued, with the Market Value to Realized Value (MVRV) ratio hitting a near two-and-a-half-year low, indicating market value is significantly below the cost basis of circulating tokens. Furthermore, only 21.9% of Solana addresses are currently in profit, a level historically associated with market bottoms that precede significant recoveries. Technically, SOL is holding above the 23.6% Fibonacci retracement support near $86. If capital flows improve and the price breaks decisively above $90, history suggests a bounce toward the $100 mark, potentially testing the $105 resistance level, is likely. A drop below $81, however, could signal further declines toward $75 or $70.
(Source：BeInCrypto)