Solana Will ‘Step Back Into The Spotlight’ Once It Reclaims $222 – Details
Solana has faced a sharp correction of 23% since hitting an all-time high nearly three weeks ago. This pullback, while significant, reflects broader market conditions as Bitcoin and altcoins enter a phase of indecision. The market is currently finding support and consolidating below key levels, with investors closely watching whether this phase will lead to a recovery or further decline.
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Top analyst Jelle recently shared technical analysis of X, suggesting Solana has broad upside potential. Jelle said that if Solana can regain the $222 level in the coming days, it will likely trigger a quick and significant surge. This key price point is a critical threshold that could change market sentiment and reignite bullish momentum for the popular altcoin.
Although the broader market remains uncertain, Solana’s Resilience And building momentum above $222 could set the stage for a decisive breakout. However, failure to regain this level could prolong its consolidation or lead to further pullbacks. Solana remains a closely watched asset, with retail and institutional investors awaiting clearer signals on its next direction. Will it resume its bullish trajectory or face continued selling pressure? The answer may come in the coming days.
Solana finds support amid previous resistance
Solana has pulled back to test key liquidity levels between $200 and $210, an area that was previously resistance but is now assessed as support. This area is important for SOL’s price action, as it can determine whether the asset continues its bullish momentum or faces further consolidation.
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Solana’s price action is in a consolidation phase with no clear direction, but signs of a potential breakout are becoming clearer. The asset appears poised for decisive action, especially if it regains key levels in the coming sessions.
Analyst Jeller Recently shared insights about Xemphasizing the critical importance of the $222 level. Jelle noted: “Retracing $222, SOL quickly returned to the spotlight. Off these lows and pushing it higher.” This suggests that if Solana manages to regain this key level, it may re-enter the price discovery phase, triggering Breakout on a massive scale and regain the attention of retail and institutional investors.
If Solana achieves this, it could set the stage for a rebound that mirrors its impressive early performance and reaffirms its status as one of the best-performing altcoins on the market. Conversely, failure to hold the $200 to $210 support range could lead to further consolidation or a deeper correction. Solana remains in the market’s spotlight, with investors eagerly awaiting its next move.
SOL testing key requirements
Solana (SOL) is trading at $220, showing resilience after hitting the $203 level twice in the past week. This area has proven to be a strong support area as buyers stepped in to prevent further declines. Prices are currently hovering near a critical moment, with market participants keeping a close eye on the next big move.
If SOL can hold support at $203 and reclaim resistance at $238, a quick recovery is likely, potentially paving the way for a new bullish trend. A return to $238 would signal strength and attract fresh buying interest, pushing SOL back into a higher trading range.
However, with the broader cryptocurrency market hesitant, this recovery may take time. Bitcoin and other major altcoins also moved sideways, adding to the uncertainty surrounding Solana’s immediate price action. SOL is likely to remain range-bound until a breakout or breakdown occurs.
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Traders and investors should pay close attention to these key levels. A sustained break above $238 could reignite bullish momentum, while failure to hold support at $203 could lead to a deeper correction. For now, Solana will need to be patient during this critical phase of its price action.
Featured image from Dall-E, chart from TradingView
