Solana Analyst Sees $123 And $116 As Mid-Zone Support Levels – Here’s Why 📉
Solana is testing a demand zone near $150, trading 20% below its May high of $185 due to persistent selling pressure. Analyst Efloud notes altcoins like Solana may struggle if Bitcoin consolidates sideways and BTC dominance rises, suggesting possible retracement to support levels at $123 and $116.
Despite underperformance, some analysts remain optimistic about Solana's recovery potential. Efloud emphasizes that Solana's ability to maintain critical demand zones is pivotal to future rallies. A rally could see resistance at $230, but a clear break above $168 may signal upward momentum.
Currently, Solana trades at about $148.33, showing a decline of 3% over the past week. Volume decreases hint at fading aggressive selling. Solidity at $160 could remain favorable for future bullish moves, so analysts vigilantly watch these developments.
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