Solana price jumped 2% during the Asian trading hours on Friday, currently trading at $139.7. This bullish turnaround reflects the market relief rally as Bitcoin attempts to hold the $60000 floor. Is the pullback sufficient to drive bottom formation, or are sellers ready to counterattack and prolong the October correction?
How Far Could Solana Price Drop in October?
The Solana price records a sudden reversal this week, which plunged the asset from $161.78 to $133 low on Thursday— a 17.72% loss. The market correction can be attributed to geopolitical tension between Israel and Iran, which triggered a fresh pullback for most major altcoins.
Currently, the SOL price retests the 200-day EMA as resistance, which could renew the selling pressure in the market relief rally. A potential bearish crossover between the 20 and 50 days accelerates the selling pressure for downtrend continuation.
According to The Block, the new addresses on the SOL network have recently plunged to 3.36 Million a
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