SOL Retests $210, Is A Rebound Or Retrace Next?
Solana’s (SOL) rally has slowed in the past few days, with it down 23% from its all-time high (ATH) and down more than 8% in the past day. As the cryptocurrency market pulls back, some investors are worried about the short-term performance of altcoins.
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Solana falls to lowest level in a month
Solana has been one of the leading cryptocurrencies this cycle, outperforming most markets and grabbing headlines. Unlike most altcoins, the cryptocurrency outperformed during the Q2 and Q3 retracement, remaining above pre-bull run levels.
Solana continued to hover within the $110 to $180 price range as the fourth quarter began, breaking out of that range following the market’s post-election rally. Momentum from SOL propels the token successfully past yearly highs recycled $200 threshold.
The coin continued to climb until it reached a new ATH of $263 on November 23. Since then, Solana’s price range has hovered between $245 and $220, fueling investor optimism about the altcoin’s next “price discovery” move.
Nonetheless, SOL’s price has taken a beating over the past day, along with Bitcoin and other cryptocurrency markets. Solana witnessed an 8.7% retracement in the past 24 hours, first falling to the $210 support before falling below it.
Cryptocurrency is now Retest The key $200-$210 area emerged as support for the first time since breaking above the area, with the pair falling below the $205 level on Tuesday morning. Cryptocurrency analyst Altcoin Sherpa has shared a possible bearish outlook on SOL’s short-term performance based on the ongoing price retest.
according to postal“SOL’s weakness is very obvious, and this is also reflected in the price action of the sol garbage coin.” The analyst explained that the current price action seems to be unremarkable, which shows that holding on to the $200-210 area is crucial.
Failure to hold this area could push the price towards pre-election resistance at $180, which has remained untested since breaking out of this area over a month ago.
SOL aims higher
Likewise, CryptoJack Predictive If SOL fails to retest the $200 support, a drop to the $180-160 range is possible. However, he believes that a decline of more than 10% is a “buy on the dip” opportunity for investors.
According to his potential prediction for Solana, the cryptocurrency will rebound to ATH levels and attempt rest Pass them. Other market watchers noted that SOL is currently retesting weekly and monthly time frame resistance as support and that “as long as it holds,” Solana could move higher.
Cryptocurrency Analyst Jer reiterate He has a target of $600 for the cryptocurrency, noting that it “had an incredible first year of the cycle” and will “be a winner again in the coming months.”
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Meanwhile, Bitwise’s latest Report The price of SOL is expected to increase by more than 200% in 2025. The asset manager’s CIO Matt Hougan and head of research Ryan Rasmussen believe the altcoin’s momentum is “just starting to build” and is expected to reach $750 next year.
As of this writing, Solana is trading at $204, down 8.5% and 3.1% respectively on the daily and monthly time frames.
Featured image from Unsplash.com, chart from TradingView.com
