Solana (SOL) saw a 12% retracement from Monday’s high, falling into critical territory over the past 24 hours. Some analysts remain optimistic ahead of Trump’s inauguration, while others warn that the cryptocurrency’s bullish momentum could be at risk if it loses current levels.
Solana holds the main support area
Amid the market decline, Solana also lost its new year highs, falling to its lowest price since late December. SOL on Monday posted a 17.3% increase from its yearly open after retesting the $220 mark.
However, its upward momentum was halted after Bitcoin’s price fell by almost 8% in 24 hours. After oscillating between the $190-199 Prince zone, Solana fell below the region’s lower range, falling to its current low of $182 on Thursday.
In the past 24 hours, the cryptocurrency bounced above the $190 range before falling to the $185 support area again. Crypto investor He pointed out Despite the recent decline, Solana still maintains its price target of $325, as it has not fallen to the previous low of $175.
“Since the downtrend is sharp, the uptrend is likely to be sharp as well,” the investor noted, adding that “a V-shaped recovery is likely.” The target price may be reached faster than the time shown in this pattern.”
Crypto general trader male That SOL has tested the previous breakout level during a “much needed correction.” Before the post-election pump, the $180-$185 area served as a key resistance level, which was later broken when Solana rose above $200.
Furthermore, this level was retested as support during the late December bounces, serving as a retracement zone for the cryptocurrency. Crypto General suggested that the following 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, taking Seoul with them as well. My target is around $285.
Analyst warns about these levels for SOL
Cryptocurrency analyst Ali Martinez to caution Investors on current SOL levels, noting that the cryptocurrency “should not fall below $180.” A potential drop below this support area could send Solana down 20% to 30%.
Martinez stated that the $150 to $130 range, which has not been seen since September and October, will become a “possible target.” Likewise, analyst Geely recently stated that it is “worth keeping an eye on SOL/BTC in the coming weeks.”
According to the post, the SOL vs. Bitcoin trading pair was in a key zone, suggesting that Solana should reclaim the 0.0022 level soon to continue its bullish momentum, as it currently stands at 0.0020.
Meanwhile, another market watcher male that SOL’s performance during the first quarter could be dampened by “excessive concentration, cooling of pump-friendly tariffs, and looming FTX SOL opens that have been sold off for some time and are starting to open, with the largest open coming in March.”
However, he sees that “from Q2 onwards,” Solana will be a “major winner” given the potential launch of Solana-based exchange-traded funds (ETFs) and “the potential for Pump.fun metas” that reignite its bull run. . Based on this, the analyst expects the price of SOL to reach $400-500 this year.
As of this writing, Solana is trading at $191, an increase of 3.3% on the daily time frame.
The post Solana Retest Key Support Level: Is $130 Or $200 Next? first appeared on Investorempires.com.