Solana Retest Key Support Level: Is $130 Or $200 Next?
Solana (SOL) has retraced 12% from Monday’s highs, falling into key territory over the past 24 hours. Some analysts remain bullish ahead of Trump’s inauguration, while others warn that the cryptocurrency’s bullish momentum could be in jeopardy if current levels are lost.
Solana occupies key support zone
Solana also lost its new year highs during the market correction, falling to its lowest price since late December Backtrace. On Monday, SOL gained 17.3% from last year’s opening price after retesting the $220 mark.
However, Bitcoin’s bullish momentum came to an abrupt end after its price fell by nearly 8% in 24 hours. After hovering between the princely zone of $190 and $199, Solana fell below the lower limit of the zone, falling to a current low of $182 on Thursday.
Over the past 24 hours, the cryptocurrency rallied above the $190 range before falling again towards the $185 support area. cryptocurrency investors point out Despite its recent decline, Solana maintains its $325 price target as it has not fallen to its previous low of $175.
“As the downtrend is sharp, the uptrend is likely to be sharp as well,” the investor said, adding that “a V-shaped bounce is likely.” The target price could be reached faster than the pattern suggests. “
Trader Crypto Universal famous SOL tested previous breakout levels during a “much-needed correction.” The $180-185 area was a key resistance level before the post-election rally, which was later broken when Solana climbed above $200.
Additionally, this level was retested as support during the late-December retracement, serving as a rally zone for the cryptocurrency. Crypto General said the next few days will be “very bullish for the market,” citing Trump’s upcoming inauguration as a potential catalyst.
With Trump sworn in, markets are expected to begin a parabolic season, and Saul is following suit. My goal is around $285.
Analysts warn about these levels for SOL
Cryptocurrency Analyst Ali Martinez warn Investors are aware of SOL’s current levels and say the cryptocurrency “must not fall below $180.” If it falls below this support area, Solana could drop 20% to 30%.
Martinez said the $150 to $130 range, which has not been seen since September and October, would be a “possible target.” Likewise, analyst Jelle recently said that “SOL/BTC is worth watching in the coming weeks.”
according to postalthe SOL/BTC trading pair has been trading in key territory, suggesting that Solana should soon reclaim the 0.0022 level to continue its bullish momentum, as it currently sits at 0.0020.
Meanwhile, another market watcher famous SOL’s performance in the first quarter may be affected due to “over-saturated positioning, cooling of the pump fun meta, and the looming unlocks of FTX SOL, which has been on sale some time ago and has begun to unlock, with the largest unlock coming in Coming in March.”
However, he believes Solana will be the “major winner” “from the second quarter onwards” as it could emission Solana-based exchange-traded funds (ETFs) and the “potential of the new Pump.fun dollar” reignite its bull case. Based on this, analysts predict that the price of SOL may reach US$400-500 this year.
As of this writing, Solana is trading at $191, up 3.3% on the daily time frame.
