Crypto analyst Peter Brandt warns that Solana (SOL) could see further losses and drop below $100 due to a bearish pattern forming on the price chart. Brandt highlights a large rectangular consolidation with support at $129 and resistance around $204. Technical indicators such as the 8-day simple moving average (SMA) and the Relative Strength Index (RSI) also suggest bearish sentiment and downward momentum for SOL. Additionally, the Santiments Development Activity Index indicates a decline in project-related activities on Solana's blockchain, reflecting reduced developer engagement. Ongoing sell-offs from bankrupt entities FTX and Alameda further contribute to the bearish sentiment.



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